Armenian Cascade Banks cuts credit interest rate

10.11.2009 12:06
Armenian Cascade Banks cuts credit interest rate

YEREVAN, November 9, /ARKA/. Armenian Cascade Bank said it has cut the benchmark interest rate from 13% to 11% for commercial credits released in US Dollars. A statement posted on the bank’s official website said it offers also commercial credits in Armenian Drams at 13% interest rate.

The Cascade Bank has also lowered interest rates on other types of credits, particularly, on car credits, which are available now at 15-18%, down from 17-20%

Mortgage credits are available at 13-15% annual interest rates, down from 14-16%, interest rate on home repair credit was brought down to 18% from previous 22%. Credits for buying homes built by Glendale Hills company are available at 13% interest rate. Cascade has also resumed extending credits for installment of home heating systems at 22% interest rate.

Cascade Bank was established in 2005, after Cascade Capital Holding acquired 100% of shares of Emporiki Bank Armenia. Cascade Bank cooperates with the European Bank for Reconstruction and Development (EBRD).

Cascade Capital Holding cjsc was established in 2004 by the US-based Cafesjian Family Foundation. The Holding comprises Cascade Bank, Cascade Investments, Cascade universal credit organization, Cascade Insurance and Cascade Consulting companies. ($1- 387.43 Drams).--0--


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