Armenian Cascade Bank issues $1.9mln credits under SMB promotion program

YEREVAN, December 10. /ARKA/. Cascade Bank has issued $1.9mln credits under a program of assistance to small & medium-sized businesses (SMB) in Armenia.

CEO Aharon Levonyan reported that this March the bank signed a $5mln credit agreement with the European Bank for Reconstruction and Development (EBRD).

“Up to $0.6mln will have been utilized by the end of the year, and we plan to complete the program by the end of the 1st quarter of next year,” Levonyan said.

He pointed out that the bank attaches high importance to its cooperation with the EBRD.

“As regards overall liquidity, our bank ranked seventh in the Armenian banking system in the third quarter. In this context the EBRD-opened credit line is most beneficial for Cascade Bank’s steady development,” he said.

The Cascade Bank CJSC was founded on May 26, 2005, when Cascade Capital Holding purchased the Emporiki Bank (Armenia) CJSC. As of September 30, the bank’s capital totaled 5.1bln AMD, assets 13.9bln AMD and profit 192mln AMD. According to the information at ARKA’s disposal, the bank had the 18th largest assets, 17th largest liabilities, total capital and net profits in the Armenian banking system.

The bank is cooperating with the EBRD under a microcrediting program. In December 2006, Millennium Challenges – Armenia selected the bank to serve its account under a 5-year $236mln assistance program of the US Government. P.T. –0--