news.am, Armenia
April 10 2010

Bank merger beneficial for Armenian economy

13:55 / 04/10/2010The merger of Ameriabank and Cascade Bank will not
bring about any changes in their strategies, Ruben Vardanyan, Chairman
of the Board of Directors, Ameriabank, told journalists on April 10.
According to him, the merger-formed Ameriabank will continue as a
corporate bank, implementing larger-scale investment programs.

He also pointed out that the Ameriabank principal stockholder, the
Gafesjian family, will be stockholder of the new bank as well. `We
hope the bank will also work with foreign partners,’ Vardanyan said.
The stockholders plan to enhance the bank’s competitiveness. Steve
Skelan, Board member, Gafesjian Family Foundation, stated that Mr.
Gafesjian is sure that the bank merger will be beneficial for
Armenia’s economic and financial system.

Chairman of the Central Bank of Armenia (CBA) Artur Javadyan, who
attended the news conference, stressed that the merger will facilitate
the development of financial intermediation in Armenia.

NEWS.am reminds readers that the banks signed a merger agreement and
plan to complete the process this November.

T.P.