YEREVAN. - Following the currency rate fluctuation in late 2014, the repayment of loans has relatively stabilized. Inecobank’s CEO Taron Ganjalyan told the aforementioned to Armenian News – NEWS.am.
According to statistics of the Central Bank of Armenia (CBA), the specific weight of the non-working assets in the banking system, which constituted 6.15% in December 2014, reached 8.23% in June 2015.
These trends were more or less the same in Inecobank. The problems, which rose after the December situation, lasted till February. The situation has relatively stabilized this year, Ganjalyan said.
“We watch very carefully which clients are provided loans and in which currency. Currency loans are mainly provided to enterprises, which are able to bear possible stresses through their activity. The situation can now be said to be under control, and the stresses are [also] controllable,” he said.
Inecobank has today announced buying 100% of the shares of ProCredit Bank (Armenian subsidiary of German ProCredit Holding AG). To complete the deal, the bank attracted funds from the International Finance Corporation (IFC), which extended a loan of $20 mln, and the European bank of Reconstruction and Development (EBRD), which made an equity investment of 9,8 bln AMD (around $20,2 mln at present rate), becoming a stockholder of 22,7%.
