Yerevan /Mediamax/. “Ameriabank” CEO Artak Anesyan announced today completion of the merger process between “Ameriabank” and “Cascade Bank”.

Mediamax reports that, speaking at a news conference in Yerevan today, Artak Anesyan stated that no changes took place in the composition of “Ameriabank” shareholders: TDA Holdings Limited, affiliated with “Troika Dialogue”, registered in Cyprus, remained the main shareholder of the bank. It purchased 100% of “Cascade Bank” shares in April, 2010.

As a result of the merger, as of the end of the first half of 2010, “Ameriabank” occupied the third place as to volumes of assets (121,369bln AMD), as to the volume of liabilities (91,04bln) – the 5th, and as to the volume of capital (30.3bln) – the 2nd in the banking system of Armenia. As to the volume of credit investments (74.4bln AMD), “Ameriabank” occupied the third place in the system.

“The quality of “Ameriabank” assets after the merger did not undergo significant changes: the level of unhealthy assets makes 0.5% in the bank”, Artak Anesyan stated, adding that this is a good index, taking into account the fact that on average, the share of “bad credits” in the banking system makes 4.5%. 

The net profit of “Ameriabank” after consolidation following the results of the first half of the year made 1.26bln AMD. According to Artak Anesyan, at the end of the year, as compared to the results of the first half of the year, the bank plans to provide for 16% growth of assets, 20% growth of liabilities, 23% growth of credit investments, 12% growth of term deposits, as well as 125% growth of profit.

Artak Anesyan informed that about 90% of “Cascade Bank” employees replenished the staff of “Ameriabank”, and the former head of “Cascade Bank” Aharon Levonyan left the bank