InecoBank

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Inecobank CJSC
Company typeCJSC
IndustryBanking, financial services
FoundedFebruary 7, 1996
HeadquartersYerevan,
Armenia
Number of locations
26 branches (2017[1])
Key people
Hayk Voskanyan (CEO)
Avetis Baloyan (Founder)
ProductsCredit cards
Consumer banking
Corporate banking
Digital banking
Increase 7,024 mln AMD (2017) [1]
5,157 mln AMD 2016 [1]
Total assets
Total equity
Number of employees
950 (2017 [1])
Websitewww.inecobank.am

INECOBANK is one of the leading South Caucasus banks, headquartered in Yerevan, Armenia. The bank offers a full range of banking services, including digital banking services to individuals, SME and corporate clients.[2] The bank was founded on February 7, 1996, licensed by CBA General banking license No. 85).[3]

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.

The bank has two major shareholders - 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.[4][5][2]

In October 2019, Inecobank appointed Hayk Voskanyan as the company's Chief Executive Officer.[6]

History[edit]

The history of Inecobank dates back to 1996, when two Armenian businessmen, Avetis Baloyan and Karen Safaryan along with other Armenian partners founded the bank․ The total capital of the bank as of FY 2018 is more than USD 100mln.[7]

The bank has delivered a number of digital banking solutions[buzzword], some of which are presented below:

  • In 2019 the bank introduced a new feature - "Transfer to Card",  which enables InecoOnline and InecoMobile users to make account-to-card and card-to-card transfers to the cards issued by the banks partnering ArCa system.[8]
  • In 2018 the bank was the first in the banking system to launch InecoPay payment system enabling to make payments from smartphones.[9][10]
  • In 2017, the bank was the first to introduce a fully automated consumer lending solution[buzzword] through its mobile and online applications. As a result, the loans are provided 24 hours a day, 7 days a week.[11][12]
  • In 2014 the bank launched InecoMobile, its Mobile banking application. Today, according to the official information provided by the bank, the application is one of the leading financial applications in the country, with over 150 000 active users.
  • In 2012, with the introduction of InecoOnline, the bank was one of the first to provide 24/7 banking services to its customers.[2]
  • In 2009, the bank digitized and fully automated the “Point of Sale Loan” product, reducing the loan generation from 3 to 4 days to a few minutes.[2]

See also[edit]

References[edit]

  1. ^ a b c d e f g h KPMG (February 2018). "Armenian Banking Sector:2017 4th Quarter Results" (PDF). KPMG. Retrieved 27 June 2018.
  2. ^ a b c d "ENABLING A STELLAR 300% GROWTH IN ONLINE TRANSACTIONS". SFL Pro.com. Retrieved 21 January 2019.
  3. ^ Inecobank - About Inecobank, retrieved 25 April 2018
  4. ^ "agRIF acquires IFC and DEG shares in Inecobank Armenia". Incofin. 22 April 2018. Retrieved 21 January 2019.
  5. ^ "LEGELATA ADVISES AGRIF COOPERATIEF U.A OF THE NETHERLANDS IN ACQUISITION OF STAKE IN INECOBANK CJSC". The Legal 500. June 2018. Retrieved 21 January 2019.
  6. ^ "Inecobank has a new CEO". armenpress.am. Retrieved 2019-11-13.
  7. ^ "Inecobank Financial Report 2018 4th Quarter" (PDF). 31 December 2018.
  8. ^ "Inecobank introduces new update". Banks.am. Retrieved 2019-11-13.
  9. ^ "INECOBANK – THE FIRST FULLY DIGITAL BANK IN ARMENIA". Georgia Today. 23 October 2018.
  10. ^ "Inecobank launches contactless mobile payment system InecoPay". telecompaper. 5 October 2018.
  11. ^ "Ինեկոբանկը ներդրել է 1 CLICK նոր վարկատեսակը" (in Armenian). MEDIAMAX. 20 November 2017.
  12. ^ "Ինեկոբանկ. 1 Click օնլայն վարկ՝ արդեն մինչև 2.5 մլն դրամ". B24 (in Armenian). 5 April 2018. Retrieved 24 January 2019.
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