Saturday, April 10 2010 14:39

Ameriabank is not planning to merge with other banks in the near future


ArmInfo. Despite rumors, Ameriabank is not planning to merge with other banks in the near future, Chairman of the Board of Directors of Ameriabank, Chairman of the Board of Directors of Troika Dialog Group Ruben Vardanyan said during a press-conference, today, when asked by ArmInfo to comment on the rumors that Ameriabank is going to swallow one more Armenian bank.

"First of all, we are not going to swallow anybody. Second, before considering the next deal, we should finalize our merger with Cascade Bank. Merger is not a simple procedure. It requires huge preparatory work," Vardanyan said.

On April 10, 2010 Ameriabank and Cascade Bank announced that TDA Holdings Limited, the owner of Ameriabank, had bought 100% of Cascade Bank's shares. The agreement between TDA Holdings Limited and Cascade Capital Holdings, the shareholder of Cascade Bank, was signed on March 31. TDA Holding acquired shares in Cascade Bank as the first step in a merger of the two banks. The merger is to be completed by November 2010. The former shareholder of Cascade Bank, the Gafesjian Family Fund, will get a not large share in the capital of the bank.

The amount of the deal has not been announced. The merger will create one of the strongest financial institutions in Armenia with consolidated capital of USD 75 million, assets of USD 400 million, liabilities of USD 262 million assuring the bank among top three positions in the domestic market. As of late 2009 total capital of Cascade Bank was $20.1 million (17th position in the banking system) and capital of Ameriabank was $57.5 million (4th position).
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