The merger of Ameriabank and Cascade Bank will not bring about any changes in their strategies, Ruben Vardanyan, Chairman of the Board of Directors, Ameriabank, told journalists on April 10. According to him, the merger-formed Ameriabank will continue as a corporate bank, implementing larger-scale investment programs.

He also pointed out that the Ameriabank principal stockholder, the Gafesjian family, will be stockholder of the new bank as well. “We hope the bank will also work with foreign partners,” Vardanyan said. The stockholders plan to enhance the bank’s competitiveness. Steve Skelan, Board member, Gafesjian Family Foundation, stated that Mr. Gafesjian is sure that the bank merger will be beneficial for Armenia’s economic and financial system.

Chairman of the Central Bank of Armenia (CBA) Artur Javadyan, who attended the news conference, stressed that the merger will facilitate the development of financial intermediation in Armenia.

NEWS.am reminds readers that the banks signed a merger agreement and plan to complete the process this November.

T.P.