CONSOLIDATION IN ARMENIA’ BANKING SECTOR IS NATURAL PROCESS

PanARMENIAN.Net
31.03.2010 18:54 GMT+04:00

/PanARMENIAN.Net/ Consolidation of the Armenian banking sector is a
natural process, Cascade Bank executive director Aharon Levonyan said.

"Against a 3 billion market of total banking assets 22 banks mean a
tightened competition, preventing its development," he told a joint
news conference in Yerevan.

According to Artak Hanesyan , Ameriabank chairman of directorate and
director general, this merger could serve a good example for other
financial institutions. The merger is a good opportunity to address
growth issues within 2-3 months instead of projected 1-1.5 year,
he said.

The sole shareholder of the Cascade Bank JSC is the Cascade Capital
Holdings, founded in 2004 by the Cafesjian Family Foundation (CFF)
with the aim to encourage foreign investment in Armenia and the
Caucasus through a group of commercial companies providing financial
services in line with Western standards.

Ameriabank is a corporate investment bank providing investment,
corporate and limited retail banking services in the form of a
comprehensive package of banking solutions. Ameriabank’ strategic
partner is Troika Dialog" group, one of the largest investment banking
companies in Russia.