Tuesday, October 8 2013 16:51

Inecobank signs $10mln five-year credit agreement with OeEB


ArmInfo. Inecobank has signed a $10mln five-year credit agreement with the Development Bank of Austria (OeEB).

The press service of the bank reports that the money will be spent on loans to SMEs.

"I am happy to inform that our relations with the Development Bank of Austria have been strengthened by one more five-year agreement. This is one more opportunity for us to enlarge our lending activities," Inecobank's CEO Avetis Baloyan said after the signing.

An OeEB representative said that the two banks have enjoyed trust-based relations since 2011. He expressed belief that the loan will foster economic growth in Armenia as SMEs are a key element of the country's economy.

According to Inecobank, the lending of SMEs is one of its strategic priorities. In Jan-June 2013 the bank lent SMEs as much as 30.6bln AMD (12% more than a year before).

According to ArmInfo's Ranking of Commercial Banks of Armenia, in Jan-June 2013 SMEs had 56.8% in Inecobank's loan book. As of July 1 2013 the bank's assets totaled 105.3bln AMD.

The majority shareholders of Inecobank are Avetis Baloyan (35.23%), Karen Safaryan (30.34%), Deutsche Investitions- und Entwicklunsgesellschaft mbH (KfW Group) (12.58) and IFC (9.32%).
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