Thursday, March 31 2016 18:16
Alina Hovhannisyan

Inecobank named by International Finance Corporation

Inecobank named <Best Trade Partner Bank 2015> by International  Finance Corporation

ArmInfo. Inecobank CJSC was named "Best Trade Partner Bank" in 2015 at IFC's 7th Global Trade Partners Meeting, which took place in Milan, Italy, in February 2016. The Best Trade Partner Bank WCSS Award recognizes Inecobank's major contribution to IFC's trade finance programs in Armenia, the press-service of Inecobank reports. 

"We highly value the long-standing cooperation between IFC and Inecobank. A number of projects were implemented within the framework of IFC's program. In particular, Inecobank provided its customers credit facilities with most favorable terms for the purpose of international trade finance, hence positively contributing to the development of Armenia's economy", -saidInecobank CEO Mr. T. Ganjalyan.  According to the source, Inecobank's cooperation with IFC dates back to more than 10 years.  Inecobank offers its clients loans, confirmed letters of credit and bank guarantees within the framework of "IFC GTFP" and programs for financing SME clients' trade business. Letters of credit and guarantees are an affordable and convenient means of international trade, and are provided for import or export of goods, provision of prepayment and fulfillment of trade arrangements. 
 
Inecobank has an effective and full range of tools in the sphere of trade financing services and actively cooperates with IFC, the European Bank for Reconstruction and Development and other financial organizations.
 
According to the Financial Rating of Armenian banks prepared by ArmInfo News Agency, INECOBANK is TOP-3 in terms of SME lending -75.8 bln AMD with 2-fold y-o-y growth by 31 December 2015. To note, significant growth is caused also by merge of INECOBANK and 
ProCreditbank in the end of 2015, as the latter specializes in SME lending and has formed serious SME portfolio from 2008 till December 2015. As a result, share of SME loans in the credit portfolio of INECOBANK reached 48% by 1 January 2016, versus 33% in 2014.  Total 
credit exposures of the bank grew by 42% in 2015 to 159.6 bln AMD. The bank increased amount of economy lending by 57% to 114.1 bln AMD in 2015, the major part of which are made in trade (34.6%), industry (16.4%) and SME.
 
To note, founded in 1996, "INECOBANK" CJSC is one of the most dynamically developing banks on the financial market of Armenia. ProCredit Bank joined the Armenian banking market on 5 Feb 2008. It was guided by the credit policy of ProCredit  Holding AG and specialized in SME lending.
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