Today Inecobank CJSC has announced the completion of a private transaction between the  European Bank for Reconstruction and Development (EBRD) and US-based Developing World Markets (DWM) investment company, according to which the latter acquired part of EBRD shares of Inecobank CJSC. Under the terms of this transaction, DMW becomes a shareholder with 5% of the total shares at Inecobank CJSC.

“We are excited to welcome such a reputable institution as DWM as a shareholder of Inecobank. The acquisition of Inecobank shares marks the entry of DWM in the Armenian market, expanding its presence in the region,” said Inecobank’s Chairman and major shareholder Avetis Baloyan.

“Having DWM as a shareholder of Inecobank will enhance the bank’s visibility in the international market and will further strengthen the position of Inecobank as one of the leading banks in the South Caucasus region,” the bank said in a statement.

“This is the second equity investment transaction for Inecobank during the last year, which shows how much confidence investors have in Inecobank’s current business model, the partnership environment, vision for the future and corporate governance practices. The bank will continue to engage new investors and expand its shareholder base, which will support the implementation of our vision of becoming a leader in the financial sector of Armenia and South Caucasus,”saidAvetis Baloyan.

About DWM

DWM is an emerging and frontier markets investment manager based in USA, dedicated to making return-first impact investments that seek risk-appropriate returns for Inecobank’s investors and measurable environmental or social benefits for the developing world. The bank believes that the private sector and capital markets can and should be utilized to create positive economic, environmental and social change.

About Inecobank

Inecobank CJSC is one of the leading banks in the South Caucasus region, focused on individual customers, small and middle market businesses and large corporations, offering a full range of banking services including breakthrough and innovative digital banking solutions. For over 23 years the bank has been providing unmatched convenience in Armenia serving more than 400 000 customers and over 150 000 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 hours a day, 7 days a week.

- In 2018, the bank was the first banking institution in Armenia to introduce InecoPay, the cashless payments new system.