InecoBank

Inecobank CJSC

Company type	CJSC
Industry	Banking, financial services
Founded	February 7, 1996
Headquarters	Yerevan, Armenia
Number of locations	26 branches (2017 [1] )
Key people	Hayk Voskanyan (CEO) Avetis Baloyan (Founder)
Products	Credit cards Consumer banking Corporate banking Digital banking
Net income	7,024 mln AMD (2017) [1] 5,157 mln AMD 2016 [1]
Total assets	AMD 277,842 mln. (2017) [1] AMD 236,196 mln. (2016) [1]
Total equity	AMD 48,243 mln. (2017) [1] AMD 43,465 mln. (2016) [1]
Number of employees	950 (2017 [1] )
Website	www.inecobank.am

INECOBANK is one of the South Caucasus banks, headquartered in Yerevan, Armenia. The bank offers banking services, to individuals, SME and corporate clients. The bank was founded on February 7, 1996, licensed by CBA General banking license No. 85). ^[2]

Starting from 1998, the bank has been cooperating with over 30 international financial organizations, and has established nostro-correspondent relations with a number of leading international banks.

Avetis Baloyan (30% of shares) and Karen Safaryan (25.92% of shares). In 2015, European Bank of Reconstruction and Development became a shareholder of Inecobank, acquiring 22.7% of shares and in 2018 agRIF cooperatief became a shareholder acquiring 10% of shares from IFC and DEG in a private transaction. ^{[3] [4]}

In October 2019, Inecobank appointed Hayk Voskanyan as the company's Chief Executive Officer. ^[5]

History

Inecobank began in 1996, Avetis Baloyan and Karen Safaryan along with other Armenian partners founded the bank․ The total capital of the bank as of FY 2018 was more than USD 100mln. ^[6]

• In 2019 "Transfer to Card" began,  in which InecoOnline and InecoMobile can make account-to-card and card-to-card transfers to the cards issued by the banks partnering ArCa system. ^[7]
• In 2018 the InecoPay enabled payments from smartphones. ^{[8] [9]}
• In 2017, the bank began automated consumer lending. ^{[10] [11]}

See also

• Banks portal

• Armenian dram
• List of banks in Armenia
• Economy of Armenia

References

1. KPMG (February 2018). "Armenian Banking Sector:2017 4th Quarter Results" (PDF). KPMG. Retrieved 27 June 2018.
2. Inecobank - About Inecobank , retrieved 25 April 2018
3. "agRIF acquires IFC and DEG shares in Inecobank Armenia". Incofin. 22 April 2018. Retrieved 21 January 2019.
4. "LEGELATA ADVISES AGRIF COOPERATIEF U.A OF THE NETHERLANDS IN ACQUISITION OF STAKE IN INECOBANK CJSC". The Legal 500. June 2018. Archived from the original on 21 January 2019. Retrieved 21 January 2019.
5. "Inecobank has a new CEO". armenpress.am. 13 November 2019. Retrieved 2019-11-13.
6. "Inecobank Financial Report 2018 4th Quarter" (PDF). 31 December 2018.
7. "Inecobank introduces new update". Banks.am. Retrieved 2019-11-13.
8. "INECOBANK – THE FIRST FULLY DIGITAL BANK IN ARMENIA". Georgia Today. 23 October 2018. Archived from the original on 24 January 2019. Retrieved 24 January 2019.
9. "Inecobank launches contactless mobile payment system InecoPay". telecompaper. 5 October 2018.
10. "Ինեկոբանկը ներդրել է 1 CLICK նոր վարկատեսակը" (in Armenian). MEDIAMAX. 20 November 2017.
11. "Ինեկոբանկ. 1 Click օնլայն վարկ՝ արդեն մինչև 2.5 մլն դրամ". B24 (in Armenian). 5 April 2018. Retrieved 24 January 2019.