OREANDA-NEWS. October 09, 2009. Yerevan. Cascade Bank approves a new plan of strategic development. During his interview with an ArmInfo correspondent, the Chief Executive Officer of Cascade Bank Aharon Levonyan stated that the documents related to the new strategy were on the final stage of approval, reported the press-centre of Cascade Bank.

He mentioned that the bank had revised its strategy since it became the full-fledged legal successor of the lending organization Cascade Credit. According to his words, after consolidation the assets of the lending organization comprised 1/3 of the bank’s assets. The Bank assumed all the liabilities and assets of the lending organization, which influenced the bank’s indices significantly.

A. Levonyan mentioned that prior to the consolidation the bank’s assets were AMD 13 billion and after consolidation they amounted to AMD 19 billion. The loan portfolio increased from AMD 7.4 billion to AMD 12 billion. “We are planning to increase the loan portfolio for 10-15% more by the end of this year”, - he stated. Mr. Levonyan said that the bank retained the principal portfolio of products that had been offered by the lending organization. In particular, within the scopes of the Renewable Resources and Energy Efficiency Project, the lending organization, together with the Renewable Resources and Energy Efficiency Fund and the European Bank for Reconstruction and Development, allocated 10 million USD from the received 12 million USD among 20 borrowers and constructed 22 small HPPs.

“We are planning to allocate the remaining funds during the forth quarter of this year and the first quarter 2010”, - he stated. Besides, the lending organization actively provided leasing and agricultural loans in cooperation with The Children of Armenia Fund and Jinishyan Foundation.
The Chief Executive Officer stated that in the result of consolidation with the lending organization, the Bank’s liabilities increased from AMD 7.5 billion to AMD 13 billion. At present, the bank’s total capital is AMD 7.3 billion, the charter capital – AMD 7.2 billion. “By the end of this year we are planning to have profit not less than the profit of the last year”, - he assured.
 
We would like to mention that 100% package of Cascade Bank shares is owned by Cascade Capital Holdings.