YEREVAN, June 9, /ARKA/. Armenia’s Central Bank governor, Artur Javadian, has passed a decision to halt the operation of a Cascade Bank branch Yervand Kochar, the Central Bank’s press office said. Cascade Bank was founded in 2005 after Cascade Capital Holdings acquired 100 percent shares of Emporiki Bank (Armenia).
On March 31 Cascade Capital Holdings and TDA Holdings Ltd, the shareholders of Cascade Bank and Ameriabank signed a merger agreement. On March 31 Cascade Bank’s assets stood at 18 billion Drams, liabilities at 10.4 billion Drams, total capital was 7.7 billion Drams, credit investments-10.5 billion Drams. In the first quarter it earned 120.8 million Drams in net profits. ($1-377.29 Drams.) -0-
