SHAREHOLDERS OF AMERIABANK AND CASCADE BANK SIGN AGREEMENT TO MERGE TWO BANKS

Noyan Tapan
March 31, 2010

YEREVAN, MARCH 31, NOYAN TAPAN. TDA Holdings and Cascade Capital
Holdings, shareholders of Ameriabank and Cascade Bank, signed on
March 31 an agreement on the merger of the two banks.

CEO of Ameriabank Artak Hanesian stated at a press conference on the
same day that the merger is a milestone in the history of Armenia’s
financial market. According to him, it is the first market-based bank
merger aimed at consolidating and strengthening the financial sector
of Armenia. The new bank will become one of the strongest financial
institutions in the country.

It was also mentioned that as of 31 December 2009 it was a bank with
consolidated capital of million, assets of 7 million, liabilities
of 2 million and a loan portfolio of 9 million. The merged bank with
such indices will be among the top three banks of Armenia.

CEO of Cascade Bank Aharon Levonian said the main reason for the
merger was to become stronger and more competitive and to establish
a financial institution with greater opportunities. Cascade Bank’s
sole shareholder is Cascade Capital Holdings which was established
in 2004 by the Cafesjian Family Foundation (CFF). In 2009 the profit
of Cascade Bank amounted to million 140 thousand.