YEREVAN, May 14, /ARKA/ Armenia-based Inecobank has announced the completion of the acquisition of IFC and DEG shares in Inecobank by agRIF Cooperatief U.A. agRIF is managed by Incofin Investment Management.

The bank said in a press release that under the terms of the private transaction held between the aforementioned companies, currently, agRIF Coopeartief owns over 10% (10.0104%) of stakes, while International Finance Corporation (IFC) and Deutsche Investitions und Entwicklungsgesellschaft (DEG) have fully completed their exit.

“The acquisition of Inecobank shares marks the entry of agRIF Coopeartief U.A. in the Armenian market, expanding its presence in the region. Additionally, the newly established cooperation 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.

Inecobank expresses its gratitude to IFC and DEG for their continued support over the past 10 years, for the confidence that they have placed in the bank and for their contribution in the growth and success of the bank,” the bank’s statement reads.

Launched in 2015, the agRIF fund seeks to address the scarcity of financial services in developing countries. Investors in the fund include a.o. the European Investment Bank (EIB), Proparco, FMO, the Swiss Investment Fund for Emerging Markets (SIFEM), the Belgische Investeringsmaatschappij voor Ontwikkelingslanden (BIO) and AXA Impact Fund II.

agRIF is a third generation fund, following on Rural Impulse Fund I and Rural Impulse Fund II, which also used closed-ended, leveraged private equity structures to support investments in financial inclusion for the rural sector. agRIF takes this model one step further by specifically targeting the agricultural sector and smallholder farmers, as well as rural micro-entrepreneurs.

Inecobank is a leading bank in the South Caucasus region, focused on individual customers, small and middle-market businesses and large corporations offering a full range of commercial banking services including break through and innovative digital banking solutions. For over 22 years the bank has been providing unmatched convenience in Armenia serving more than 400 000 customers and over 100 000 online users. -0-