DEG, entering the KfW banking group, became a shareholder of “Inecobank”

Yerevan /Mediamax/. “Inecobank” announced today changes in the structure of its shareholders##.

Mediamax reports that the new shareholder of the bank is the member of KfW banking group - DEG Company (Deutsche Investitions-und Entwicklunsgesellschaft mbH), which purchased 13,5% of “Inecobank” shares from ShoreCap International on March 10.

The start of cooperation of “Inecobank” with DEG took place in 2007, when the bank received from the German Company a loan at the sum of $7mln for funding of small and medium enterprises and mortgage crediting.

According to the assessment of Executive Director of “Inecobank” Avetis Baloyan, “DEG is a strategic partner for us, and the readiness of international partners to invest means in the capital of the bank evidences their confidence in our continuous growth”.