Friday, June 18 2010 16:00
Central Bank of Armenia registers merger of Ameriabank and Cascade Bank
ArmInfo. Central Bank of Armenia has confirmed and registered Ameriabank and Cascade Bank merger transaction. As Ameriabank's press service told ArmInfo today, the decision on the transaction registration was made by Central Bank on June 16.
According to the source, Ameriabank will continue its functioning as a result of merger, including as an assignee of Cascade Bank, that will enable the clients to use a wider range of high-quality and reliable services.
To recall, shareholders of Ameriabank and Cascade Bank signed a merger agreement at late March 2010.
As Chairman of the Board of Directors, Director General of Ameriabank Artak Anesyan said, as a result of merger, Ameriabank's capital will reach about $75 mln, assets - $400 mln, liabilities - $262 mln, credit investments - about $180 mln, less regard to joint development plans. The bank will enter the three of leaders by this indicator and will secure among the biggest ones. Moreover, the bank merger will extend the range of services and products, and synergy of the two banks' professionals will more enhance the client service level and quality. The bank merger will increase the merged bank's capital, that in its turn will increase the amount of credit per one borrower, i.e. it will become possible to issue more considerable credits to corporate clients.
According to the data of Ranking of Armenia's commercial banks, prepared by Agency of Rating Marketing Information (ArmInfo), Ameriabank's assets as of April 1, 2010, made up 110.5 bln drams (the 5th position) with assurance of 36,6% annual growth. 61,3% or 67.7 bln drams in the their structure fell on credit portfolio (the 5th position) with assurance of 87,1% annual growth. The lion's share in the structure of credit portfolio - 30,1% or 20.4 bln drams fell on industry crediting (the 2nd position) and 21,1% or 14.3 bln drams - on trade (the 4th position). Ameriabank completed the first quarter of 2010 with profit of 0,5 bln drams (the 6th position).
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