YEREVAN, November 20, /ARKA/. Inecobank, one of Armenian commercial banks, said in a statement it will start remittance operations from November 23 through CONTACT international money transfer system.

CONTACT is a money transfer system that allows quick and effective transfer of money to one’s relatives and friends without opening account. It takes a few minutes to make a transaction. Money is available within several hours. Transfers are made in rubles, US dollars and Euros to 85 countries . Minimum amount of the transaction is not fixed. Rate of commission: 2% — in rubles across Russia, 3% — in foreign currency (dollars, euros). When transferring money to CONTACT by foreign partner companies, a non-standard rate of commission can be applied.

Inecobank offers money transfers also through Money Gram, Migom, LEADER systems and through Russian Promsvyazbank’s speedy system of money transfers.
Inecobank was registered in 1996. It was the first Armenian bank to serve purchase of consumer goods on installment plan in 1997.

Some 13.5 % of its shares are held by Deutsche Investititions-und Entwicklunsgesellschaft mbH and 10% by the International Financial Corporation (IFC). The bank cooperates also with EBRD, USAID, KfW, the Black Sea Trade and Development Bank and other international lending organizations.

As of September 30, 2009 its assets totaled 45.9 billion Drams, liabilities-9.7 billion Drams, credit investments-27.8 billion Drams, liabilities before clients-13.8 billion Drams. Its net profit in January-September 2009 totaled 421.7 million Drams. The bank has 9 branches. ($1- 387.39 Drams). -0-