Consolidation of the Armenian banking sector is a natural process, Cascade Bank executive director Aharon Levonyan said. "Against a 3 billion market of total banking assets 22 banks mean a tightened competition, preventing its development," he told a joint news conference in Yerevan.

According to Artak Hanesyan , Ameriabank chairman of directorate and director general, this merger could serve a good example for other financial institutions. The merger is a good opportunity to address growth issues within 2-3 months instead of projected 1-1.5 year, he said.