“Ameriabank” and “Cascade” bank sign merging contract

YEREVAN, MARCH 31, ARMENPRESS: Shareholder of “Ameriabank” and “Cascade” bank’s “TDA Holdings Limited” and “Cascade Capital Holdings” companies signed today a contract of merging of the two banks. Before the merging the process must undergo two phases: the first one presupposes preparation works and the second one – merging. The merged bank will come forth under “Ameriabank” brand.

The president-general director of the “Ameriabank” Directorate Artak Hanesyan said today that the goal of the decision is to assist the financial sector of Armenia which will promote the creation of strong and stable financial basis for the post-crisis development.

The executive director of the “Cascade” bank Aharon Levonyan said that the main reason of merging is to become more competitive in the banking system, and the goal is to become wide strong financial organization.