YEREVAN, February 5. /ARKA/. The Armenian Incecobank has denied today concerns of some parliament members that its accusation of 100% shares of ProCredit Bank will result in massive layoffs, saying the move is aimed at creating new opportunities for strengthening of its market position.

The December 10 transaction was financed with equity investments by the European Bank for Reconstruction and Development (EBRD) and two of Inecobank's major local shareholders, supported by a $20 million loan from the International Finance Corporation (IFC). The EBRD is making a $20.3 million equity investment, acquiring 22.7 percent of shares in the merged group.

"The acquisition of ProCredit Bank and the capital increase will enable us to significantly enhance our services," Inecobank Chief Executive Taron Ganjalyan said.

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Taron Ganjalyan, executive director of Inecobank, which bought 100% of ProCredit Bank’s shares on Thursday, told journalists that the ProCredit Bank’s team will continue working

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Inecobank has bought 100% of ProCredit Bank, a subsidiary of ProCredit Holding AG & Co. KGa A

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Tags: Inecobank, ProCredit Bank, PURCHASE

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A gunman with sports cap rushed into ProCredit Bank’s office in Yerevan’s Komitas Street on Tuesday and, turning his gun on the bank officers, took around 16,000 US dollars and 1,300,000 Armenian drams ($2,700) from there, according to shamshyan.com

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The rumors going around about Inecobank’s intention to buy ProCredit Bank have been denied by both banks

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Armenia-based ProCredit Bank has built up its authorized capital by AMD 2.5 billion

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ProCredit Bank’s outstanding loan portfolio amounted to more than $82 million, and deposits totaled about $38 million in late 2012, the press office of the bank reported on Tuesday

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ProCredit Bank intends to build up its business lending portfolio from present $54.5 million to $96.5 million in 2012, Asmus Rotne, executive director of the bank, said Tuesday at a news conference.

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Tags: BUSINESS, ProCredit Bank

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ProCredit Bank in Armenia will implement a more dynamic and aggressive strategy, Ghristoph Freytag, chairman of ProCredit Holding, said today.

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ProCredit Bank accumulates a customer base of more than 11,500 individual and legal entities in three years.

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Tags: Armenia, Customers, ProCredit Bank

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