Friday, April 9 2010 14:24

State Commission on Economic Competition approves deal on merger of Ameriabank and Cascade Bank


ArmInfo. The State Commission on Economic Competition of Armenia has approved the deal on acquisition of the full package of Cascade Bank's shares by Ameriabank, the affiliated company of TDA Holdings Limited.

The Commission told ArmInfo the decision was made on the basis of the application of Ameriabank, TDA Holdings Limited and Cascade Bank.

TDA Holdings and Cascade Capital Holdings, shareholders of Ameriabank and Cascade Bank, signed the agreement to merge the two banks on March 31. Chairman of the Directorate - Director General of Ameriabank Artak Hanesyan and Executive Director of Cascade Bank Aharon Levonyan said the capital of Ameriabnk will total USD 75 million, assets USD 400 million, liabilities USD 262 million, loan portfolio USD 180 million assuring the bank among top three positions in the domestic market.

Earlier in July Cascade Credit UCO and Cascade Bank were merged. Both the structures are part of Cascade Capital Holding, belonging to the Cafesjian Family (USA). TDA Holding Limited, the affiliated company of Troika Dialog, holds 99.99% stake in Ameriabank.
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