Two Armenian banks, Ameriabank CJSC and Cascade Bank CJSC announced completion of the amalgamation deal on April 10.

“The deal will make a positive contribution to the banking system development in Armenia,” CBA Chairman Arthur Javadyan said congratulating the banks.

The CBA Chairman called on commercial banks to follow the example. “Under the crisis, Armenian banking system’s consolidation will help resist challenges and will encourage dynamic development and opening of new investment opportunities,” he said.

Mr. Javadyan also said with the change of shareholders, Ameriabank registered a considerable growth in a short time, moving up from the 16th to the 7th position by the amount of assets.

According to Chairman of Ameriabank CJSC Board of Directors Ruben Vardanyan, the new bank will be a powerful financial structure in the Armenian banking system and abroad. Meanwhile he did not disclose the financial secret of the deal.