YEREVAN, JUNE 1, ARMENPRESS: The Cascade Capital Holding, established by a US-based Cafesjian Foundation, announced yesterday its official inception. Its acting executive manager, Jonathan Stark, told a news conference in Yerevan that the Holding will be comprised of Cascade Credit, Cascade Investment, Cascade Insurance and Reinsurance companies and Emporiki bank that was bought recently by the holding. He said Emporiki will be re-registered as Cascade Bank.

Stark said the goal of the new holding is to form a group of companies to introduce innovative western standards of financial and trade services in Armenia and to promote investments in Armenia and the region.

He said the Cascade Capital Holding has established close contacts with the European Bank for Reconstruction and Development (EBRD), World Bank, USAID and other US-based agencies. Stark said the Cascade Bank will provide a full range of services to small companies in Armenia and outside it. He said the bank's chattered capital is presently around $4 million and another $2.5 million are expected to come soon from the holding. He said after official registration Cascade Bank will start a vigorous campaign in the plastic cards market. He said the holding is negotiating with World Bank on joint programs implementation concerning, particularly, renewable energy sources.