INTERNAL MERGER OF CASCADE BANK AND CASCADE CREDIT COMPLETED

ArmInfo
2009-07-29 19:34:00

ArmInfo. Cascade Capital Holdings announces it has completed the
internal merger of Cascade Bank and Cascade Credit. The merged entity
will trade as Cascade Bank, the press-service of cascade Bank told
ArmInfo.

Cascade Capital Holdings’ CEO Jonathan Stark stated: "Consolidating our
two lending operations into one increases Cascade Bank’s market reach,
position and profile. Integration, achieved with the agreement of our
partners including EBRD, World Bank and the Central Bank of Armenia,
allows for greater internal efficiency while strengthening our core
customer service ethic. A broader range of competitive products,
will both enhance quality for existing customers, and attract new
clients to Cascade Bank and our sister companies, Cascade Insurance
and Cascade Investments."

Cascade Bank Chief Executive Officer Aharon Levonyan said:
"Consolidating Cascade Credit UCO with Cascade Bank will combine
the banking and lending functions of Cascade Capital Holdings under
the same roof, favor enhancement of Cascade Bank’s positions at the
banking market, and expand the scopes of services offered by the
Bank. The consolidation will ensure considerable increase of the
Bank assets, liabilities, loan portfolio and improvement of other
financial ratios. The earning capacity of the Bank is also expected
to increase as the result of consolidation."

Cascade Bank is owned 100% by Cascade Capital Holdings whose other
operating companies include Cascade Insurance and Cascade Investments.

Cascade Capital Holdings is 100% owned by the US domiciled Cafesjian
Family Foundation.