Ameriabank is not planning to merge with other banks in the near future

2010-04-10 14:01:00

ArmInfo. Despite rumors, Ameriabank is not planning to merge with
other banks in the near future, Chairman of the Board of Directors of
Ameriabank, Chairman of the Board of Directors of Troika Dialog Group
Ruben Vardanyan said during a press-conference, today, when asked by
ArmInfo to comment on the rumors that Ameriabank is going to swallow
one more Armenian bank.

"First of all, we are not going to swallow anybody. Second, before
considering the next deal, we should finalize our merger with Cascade
Bank. Merger is not a simple procedure. It requires huge preparatory
work," Vardanyan said.

On April 10, 2010 Ameriabank and Cascade Bank announced that TDA
Holdings Limited, the owner of Ameriabank, had bought 100% of Cascade
Bank’s shares. The agreement between TDA Holdings Limited and Cascade
Capital Holdings, the shareholder of Cascade Bank, was signed on March
31. TDA Holding acquired shares in Cascade Bank as the first step in a
merger of the two banks. The merger is to be completed by November
2010. The former shareholder of Cascade Bank, the Gafesjian Family
Fund, will get a not large share in the capital of the bank.

The amount of the deal has not been announced. The merger will create
one of the strongest financial institutions in Armenia with
consolidated capital of USD 75 million, assets of USD 400 million,
liabilities of USD 262 million assuring the bank among top three
positions in the domestic market. As of late 2009 total capital of
Cascade Bank was $20.1 million (17th position in the banking system)
and capital of Ameriabank was $57.5 million (4th position).

From: Emil Lazarian | Ararat NewsPress