Tuesday, January 10 2012 18:55

INECOBANK borrows $8mln from DWM Asset Management


ArmInfo. In Dec 2011 INECOBANK borrowed $8mln from the DWM Asset Management investment company for supporting SMEs in Armenia.

The press service of the bank reports that the intermediary in the deal was Symbiotics, a company that has cooperated with INECOBANK on micro- financing for two years already.

Due to its efficient partnership with international financial organizations, customer oriented strategy and flexible credit policy, in Jan-Nov 2011 INECOBANK increased its SME loan book by 37% to 23.9bln AMD (macro-business lending inclusive).

The bank is partner to over 20 international organizations, from whom it received almost $50mln in 2011.

DWM Asset Management is member of the Developing World Markets Group and carries out micro-financing activities in developing countries. INECOBANK has cooperated with the company since 2009.

According to ArmInfo's Ranking of Commercial Banks of Armenia, in Jan- Sept 2011 INECOBANK lent 34.6bln AMD to the economy (68% of its loan book) and 29.6bln AMD to SMEs (over 60% of all loans).
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