Director general of Cascade Bank forecasts further reduction of interest rates in Armenia

The banker thinks that considerable opportunities are opened to the
country's banking system in 2010, as the market has a huge
unutilized growth potential. "Armenia is significantly behind the
developed countries by the ratio of the bank assets and deposits to
GDP, since many individual and legal persons still do not use the
bank services (non- banked population). Moreover, a client "niche"
has already been determined in the banking system for each bank", he
emphasized.

A. Levonyan thinks that economic recession in Armenia will slow
down in general in 2010. "We see backgrounds of considerable
economic growth, and we think the current year will be stable, and
further tactic steps will be determined", he emphasized.

To note, Cascade Capital Holdings holds 100% block of stock of
Cascade Bank.