Friday, March 4 2011 14:33

International micro-financial fund BlueOrchard Finance SA delivers extra $5 mln to INECOBANK


ArmInfo. Armenian INECOBANK has signed a new contract with international micro-financial fund BlueOrchard Finance SA on delivery of $5 mln. The latter enters the structure of BlueOrchard Investments Sarl with the headquarters in Geneva.

As press-service of the bank reported, the funds will be delivered in the Armenian drams. This rules out the foreign currency risk for the bank. The creditor has taken hedging of risk and the bank is not aware of the details of the hedge-bargain.

In 2010 INECOBANK attracted from the Swiss micro-crediting fund and placed at the market the sum equal to $7.5 mln for financing of small and medium-sized business.

To note, according the Ranking of commercial banks of Armenian prepared by Arminfo, by the end of 2010 the total capital of INECOBANK amounted to 12.8 bln drams (the 11th place in the system), the assets - 58.8 bln drams (the 12th place), almost 70% of which were credit investments. The bank finished the year of 2010 with a profit 2.2 bln drams (the 6th place). The bank ensured high level of profitability of the capital and assets and occupied the second place on both indices in the banking system in general.
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