Ameriabank parent acquires shares in Cascade Bank
10.04.2010,
20:29
On April 10, 2010 Ameriabank and Cascade Bank announced that TDA Holdings, Inc. had become the shareholder of Cascade Bank.
YEREVAN, April 10. /ARKA/. On April 10, 2010 Ameriabank and Cascade Bank announced that TDA Holdings, Inc. had become the shareholder of Cascade Bank.
The agreement between TDA Holdings Limited and Cascade Capital Holdings, shareholders of Ameriabank and Cascade Bank respectively was announced in March. The Central Bank of Armenia approved the agreement on April 7th.
TDA Holding acquired shares in Cascade Bank as the first step in a merger of the two banks. The merger is planned to be completed by November 2010.
“The merger of these two financial and banking organizations will give new opportunities to banks and promote enlargement of financial mediation in Armenia,” Arthur Javadyan, chairman of the Central Bank of Armenia, said on Saturday.
He refrained from indicating the cost of the deal saying it was a commercial secret.
Javadyan said Ameriabank and Cascade Bank had invested a great deal to stabilization of Armenian banking system and occupy their own niche in it.
Ruben Vardanyan, the chairman of Ameriabank’s directorial board and the head of Troika Dialog Group’s directorial board, stressed importance of the merger saying Ameriabank and Cascade Bank have plenty in common.
“When we met with the Cascade Bank administration, we understood that our approaches to provision of services to clients were alike. We saw we could be useful to each other and decided to merge our banks. We were pleased to know that Cafesjian remained here as one of shareholder. We hope this will enhance the bank’s competitiveness not only in Armenia, but also overseas.”
Vardanyan said that shares would be reconsidered and changed, depending on the structure of shareholders.
“Information will be available after completion of the deal, in accordance with the law and the central bank’s requirements connected to the release of shareholder-related information,” he said.
Vardanyan said hat the bank has some partners, which will be shareholders.
He said that members of the bank administration would enjoy a right to become owners, and this would be an important incentive mechanism propelling development of the bank.
Steve Scallen, a member of Cafesjian Family Foundation, said Gerard Cafesjian hailed this strategic combination saying it would be one of the strongest financial institutions in Armenia and promote the development of financial markets in Armenia.
The merger process is planned to be completed before November 2010.
According to initial Q12010 financial results, the aggregated capital of the two banks is approximately AMD30 billion, assets of AMD 129 billion, liabilities of AMD 99 billion, loan portfolio of AMD 72 billion.
Ameriabank CJSC (former Armimpexbank renamed in May 2008) was established in July 1992.
On September 8, 1992, the bank received its license from the Central Bank of Armenia.
TDA Holdings Limited affiliated with the leading and largest Russian investment group company - Troika Dialog - bought the bank shares in August 2007.
Cascade Capital Holdings founded by Cafesjian Family Foundation in 2004 is the sole shareholder of Cascade Bank.
Cascade Bank was established on May 26, 2005, when Cascade Capital Holdings acquired 100% of Emporiki Bank (Armenia) shares.
The bank cooperates with EBRD under macrocrediting program.
In December 2006, Millennium Challenges – Armenia Fund chose Cascade Bank for serving its account under the U.S. government’s $236-million program in Armenia. --0--
The agreement between TDA Holdings Limited and Cascade Capital Holdings, shareholders of Ameriabank and Cascade Bank respectively was announced in March. The Central Bank of Armenia approved the agreement on April 7th.
TDA Holding acquired shares in Cascade Bank as the first step in a merger of the two banks. The merger is planned to be completed by November 2010.
“The merger of these two financial and banking organizations will give new opportunities to banks and promote enlargement of financial mediation in Armenia,” Arthur Javadyan, chairman of the Central Bank of Armenia, said on Saturday.
He refrained from indicating the cost of the deal saying it was a commercial secret.
Javadyan said Ameriabank and Cascade Bank had invested a great deal to stabilization of Armenian banking system and occupy their own niche in it.
Ruben Vardanyan, the chairman of Ameriabank’s directorial board and the head of Troika Dialog Group’s directorial board, stressed importance of the merger saying Ameriabank and Cascade Bank have plenty in common.
“When we met with the Cascade Bank administration, we understood that our approaches to provision of services to clients were alike. We saw we could be useful to each other and decided to merge our banks. We were pleased to know that Cafesjian remained here as one of shareholder. We hope this will enhance the bank’s competitiveness not only in Armenia, but also overseas.”
Vardanyan said that shares would be reconsidered and changed, depending on the structure of shareholders.
“Information will be available after completion of the deal, in accordance with the law and the central bank’s requirements connected to the release of shareholder-related information,” he said.
Vardanyan said hat the bank has some partners, which will be shareholders.
He said that members of the bank administration would enjoy a right to become owners, and this would be an important incentive mechanism propelling development of the bank.
Steve Scallen, a member of Cafesjian Family Foundation, said Gerard Cafesjian hailed this strategic combination saying it would be one of the strongest financial institutions in Armenia and promote the development of financial markets in Armenia.
The merger process is planned to be completed before November 2010.
According to initial Q12010 financial results, the aggregated capital of the two banks is approximately AMD30 billion, assets of AMD 129 billion, liabilities of AMD 99 billion, loan portfolio of AMD 72 billion.
Ameriabank CJSC (former Armimpexbank renamed in May 2008) was established in July 1992.
On September 8, 1992, the bank received its license from the Central Bank of Armenia.
TDA Holdings Limited affiliated with the leading and largest Russian investment group company - Troika Dialog - bought the bank shares in August 2007.
Cascade Capital Holdings founded by Cafesjian Family Foundation in 2004 is the sole shareholder of Cascade Bank.
Cascade Bank was established on May 26, 2005, when Cascade Capital Holdings acquired 100% of Emporiki Bank (Armenia) shares.
The bank cooperates with EBRD under macrocrediting program.
In December 2006, Millennium Challenges – Armenia Fund chose Cascade Bank for serving its account under the U.S. government’s $236-million program in Armenia. --0--
