YEREVAN, July 2. /ARKA/. Armenia’s Central Bank has approved a merger of Cascade Insurance and INGO Armenia insurance companies. A statement on Russian Ingosstrakh insurance company, the parent company of INGO Armenia, said in a statement on its official website that the merger has created an ‘unprecedented’ large company with an insurance portfolio of over 8.7 billion drams.

The basic package of shares in the merged company is owned by Russian Ingosstrakh.

Tatiana Kaigorodova, a deputy CEO of Ingosstrakh is quoted as saying that the merger has resulted in an integrated insurance structure, which allows moving to a new level of performance and dramatically improving the quality of services, which will be comparable with international standards adopted by INGO group.

She said as a result less time will be spent on serving a client and the merged company’s branches will shift to a convenient schedule for clients.

"The new insurance company has a very skilled staff and the most extensive network of branches and representative offices in Armenia", the statement said.

The INGO International Insurance Group, created in 2004, includes insurance companies, as well as companies providing auxiliary and reinsurance services.

INGO ARMENIA was founded in 1997 as an insurance company Efes. In December 2003, 75% of its shares were acquired by Russian Ingosstrakh, after which the company was renamed INGO ARMENIA. Its charter capital stands at 750 million drams.

Cascade Insurance was recorded October 13, 2004. Its shareholders are JSC Cascade Capital Holding (65%) and the European Bank for Reconstruction and Development (35%). -0-