Yerevan/Mediamax/. TDA Holdings Limited (99.99% shareholder of “Ameriabank”) purchased 100% of “Cascade Bank” shares. This was the first step along the path of “Ameriabank” and “Cascade Bank” merger.
 
Mediamax reports that, speaking at the joint conference with Chairman of “Ameriabank” Board Ruben Vardanyan and Member of “Gafeschian Family” Foundation Steve Scallen, Armenian CB Board Chairman Artur Javadyan, informed that on April 7, CB confirmed conclusion of the given deal.
 
““Ameriabank” and “Cascade Bank” made serious contribution to stabilization of the Armenian banking sector; their merger will create new investment opportunities and will contribute to growth of financial mediation in Armenia”, Artur Javadyan stated. 
 
He did not name the cost of the deal on acquiring “Cascade Bank”, noting that this is a commercial secret.
 
Ruben Vardanyan in his turn noted that “Ameriabank”, by uniting with “Cascade Bank”, intends to be competitive not only in the Armenian, but also in international market, in particular, it intends to service representatives of the Armenian Diaspora. To that end, according to him, they need to actively develop IT infrastructure of the bank, increase professionalism of employees, improve the risks management system and deepen international cooperation.
 
Ruben Vardanyan stated that “Gafeschian Family” Foundation will have share participation in “Ameriabank” capital, noting that the share of the Foundation’s shareholder portfolio will be specified after the conclusion of the banks merger, planed for November, 2010.
 
“There will be no principle changes in the structure of “Ameriabank” shareholders. There are a few partners, who will enter its capital, including the management of “Ameriabank”, since we believe that this is an important stimulating mechanism, allowing bank managers feeling themselves its owners as well”, Ruben Vardanyan stated.
 
Steve Scallen stated that Gerard Gafeschian is glad for long-term strategic cooperation, the bases of which are set today, and will continue investing in various projects to the benefit of Armenia.