On October 03, 2018 the prominent international rating corporation, Moody’s Investors Service, assigned the B1 local currency long-term deposit and B2 foreign-currency long-term deposit ratings to Inecobank CSJC.

The bank has noted that the B1 local currency long-term deposit rating assigned to Inecobank reflects the bank’s good loan book diversification; solid loss absorption capacity as evidenced by its high capital adequacy and good internal capital generation; stable funding and ample liquidity. At the same time, Moody’s expects Inecobank’s asset quality to remain broadly stable in the foreseeable future, which is also supported by established economic condition in Armenia (Moody’s: B1 with positive outlook) as well as by the fact that local currency will remain stable over the next 12-18 months.

“When assigning the ratings to Inecobank, Moody’s took into consideration a number of important indicators, such as the shareholder structure of the bank. According to Moody’s,  Inecobank benefits from its shareholder's structure with over 30% of the bank’s equity controlled by the international financial institutions like the IFIs, the European Bank for Reconstruction and Development and the Dutch financial company agRIF Cooperatief U.A.,” the bank said.

“The assigned B1 rating is also based on Inecobank’s stability, but also its steady development trends. This rating is equal to the one assigned to the Republic of Armenia and is the possible best rating assigned to the private organization. The rating is based mainly on economic growth expectations (according to Moody's forecasts GDP growth will be 6% in 2018), which creates favourable business conditions for new credit products,” points out Chief Financial Officer of Inecobank, Mr. Hayk Voskanyan.

Visit Moody’s Investors Service official webpage to get more detailed information on the rating assigned to Inecobank.

Inecobank is a leading bank in the South Caucasus region, focused on individual customers, small and middle market businesses and large corporations. It offers a full range of commercial banking services including breakthrough and innovative digital banking solutions. For over 22 years, the bank has been providing unmatched convenience in Armenia, serving more than 400 000 customers and over 100 000 online users.

Inecobank developed and delivered industry-leading digital banking solutions with the purpose of introducing an entirely new culture of banking services.

- In 2009, the bank digitalized and fully automated the “Point of Sale Loan” product, reducing the loan generation time from 3-4 days to a few minutes.

- In 2012, with the introduction of InecoOnline, the bank was one of the first to provide 24/7 banking services to its customers.

- In 2014 the bank launched InecoMobile, its Mobile banking application, which is the most popular banking application in Armenia with over 100,000 users.

- In 2017, the bank was the first to introduce a fully automated consumer lending solution through its mobile and online applications, which generates consumer loans 24/7.

- In 2018 the bank was the first in the banking system to launch InecoPay innovative and modern payment system enabling to make payments from smartphones.