Yerevan, July 20 /Mediamax/. “Cascade Bank” confirmed today the information on selling the “Cascade Bank Georgia”.

Mediamax reports that “Cascade Bank” confirmed the news on selling the Georgian asset, noting that more detailed information will be provided later.

On July 19, the Georgian media informed that “Bank of Georgia” became the owner of “Cascade Bank Georgia”.

According to the order of the President of the National Bank of Georgia “On defining the minimal size of capital for commercial banks”, as of July 1 of 2007, the capital of the commercial banks should have made not less than 12mln lari. From 18 Georgian banks, the given normative was fulfilled by 17 banks. The exception was “Cascade Bank Georgia”, the capital of which made 10 321 193 lari.

In January of 2006, “Cascade Capital Holdings”, belonging to the Cafesjian Family Fund, established in the USA, announced the conclusion of the deal on the purchase of its subsidiary company - by “Cascade Bank” of the “Emporiki Bank Georgia”, which was renamed into “Cascade Bank Georgia”.

As of June 1, the assets of “Cascade Bank Georgia” made 13,4mln lari, and it occupied the next to last place in the banking system of Georgia as to the given index.