ArmInfo. Over the past 4 years INECOBANK received USD 50mln loans from Symbiotics and ResponsAbility funds to finance micro business. The Bank's press service has told ArmInfo that Symbiotics and ResponsAbility have provided INECOBANK with new credit resources, which will also be spent on micro business financing.
"The new funds will expand the Bank's possibilities to finance the private sector of Armenia's economy. We highly value the cooperation with international structures, which enables us to diversify not only the sources of loans but also the segments of the loan book. This is one more guarantee of the Bank's stability", says Aram Baloyan, Deputy CEO of INECOBANK. By the latest data, in 2014 INECOBANK's loan book grew by 23.5, deposit portfolio - by 19.5, and assets - by 10.8. The Bank is cooperating with some 30 international financial institutions, including IFC, DEG, EBRD, BSTDB, EFSE, OeEB and ADB. Founded in 1996, INECOBANK CJSC is dynamically developing in the financial market of Armenia. The Bank contributes to development of the private sector as a reliable and honest advisory partner for its customers. The majority shareholders of INECOBANK are Avetis Baloyan, CEO of the Bank, with a 35.23 stake, Karen Safaryan - 30.34, Deutsche Investitions-und Entwicklunsgesellschaft mbH (DEG) - 12.58 and IFC - 9.32.
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