DEG COMPANY ACQUIRES 13.5% OF ARMENIAN INECOBANK’S SHARES
April 17, 2008
YEREVAN, April 17. /ARKA/. DEG, Deutsche Investititions und
Entwicklunsgesellschaft mbH, a member of KfW banking group, has
bought 13.5% of Armenian Inecobank’s shares belonging to ShoreÐ¡ap
International, Inecobank’s marketing unit reported on Thursday.
According to the report, Inecobank Executive Director Avetis Baloyan
said that the signed agreement will unite the two organizations’
efforts to develop Armenian private sector.
"We view DEG Company as strategic partner and highly appreciate the
trust toward Inecobank", he said.
DEG Deputy Director Stefan Sukhanin, in turn, said that the company
sees Armenia’s capacity and considers Inecobank as reliable partner
able to contribute to the country’s further development and strengthen
its financial sector.
Inecobank closed joint stock company was registered on February 7
1996. In December 1997 the bank became the first bank in Armenia
extending credits for consumer goods.
Among the stockholders of Inecobank are ShoreCap International (13.5%)
and International Financial Corporation (10%). The bank is cooperating
with the EBRD, USAID, KfW, the Black Sea Trade and Development Bank
and other international organizations.
The bank’s assets totaled 35.8bln Drams as of December 31 2007 with
total capital being 6.8bln Drams.
The authorized stock of the bank is 2.4bln Drams, the credit portfolio
– 20.9bln Drams and the profit as of the end of 2007 – 1.1bln Drams.
Currently the bank has 4 branches. ($1- AMD 310.35)