YEREVAN, March 31, /ARKA/. Armenian Ameriabank and Cascade Bank said today they will merge into one before the yearend. Artak Hanesian, Ameriabank CEO, said the agreement was signed by both banks’ shareholders, describing the move as ‘unprecedented and the first in its kind in Armenia.’

‘The goal of the merger is to shore up Armenia’s financial sector, to create a strong and steady financial platform to back up the post-crisis economic development of the country,’ is said.

According to Artak Hanesian, as a result of the merger the consolidated capital of both banks will amount to $75 million, their assets will grow to $400 million, liabilities to $262 million and investments to $180 million. The new bank will carry Ameriabank name.

Ameriabank is a corporate bank with integrated investment-banking and a limited number of retail banking services. The bank board of directors is headed by Ruben Vardanian. Its CEO is Artak Hanesian. Ameriabank's strategic partner is one of the biggest Russian investment cosmogonies Troika Dialog.

Cascade Bank was established in 2005 after Cascade Capital Holdings purchased 100 percent shares of Emporiki Bank. It cooperates now with EBRD in micro-financing project. Millennium Challenges Armenia Fund has chosen this bank to handle its account as part of a five year program of assistance to Armenia by the US government.  -0-