Armenia’s ProCredit Bank finally merged with Inecobank

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Armenia’s ProCredit Bank finally merged with Inecobank

19:18, 11.05.2016

Region:Armenia
Theme: Economics

YEREVAN. - The Central Bank of Armenia (CBA) revoked the license of the banking operation of ProCredit Bank CJSC.

The decision has been taken on the basis of the transaction on merging the bank with Inecobank CJSC. The agreement on merger was confirmed by CBA on April 26.

Inecobank has been recognized as the successor of ProCredit Bank.

ProCredit Bank operated in Armenia since 2008. Its merger with Inecobank was announced in December 2015. During the third quarter, the assets of ProCredit Bank constituted 57 bln AMD, the loan portfolio being about 47 bln.

Inecobank was established in 1996. In 2015, the bank assets constituted 236,4 bln AMD (considering the purchase of ProCredit), the loan portfolio being about 154.6 bln (approx. $323 mln).

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