IFC TO ACQUIRE 10% OF INECOBANK SHARES

AZG Armenian Daily
15/06/2006

The International Financial Corporation is willing to acquire 10% of
Armenian Inecobank’s shares. According to Regnum agency, the deal is
estimated at $1.3 million whereas the bank’s total capital amounts to
$12.3 million. The bank has 6 shareholders. The purchase of Inecobank
by the IFC will enlarge the latter’s presence in Armenian banking
sector. Besides acquiring 10% of the bank’s shares, IFC will assign
$4 million to Armeconombank for small and average business development
and hypothecary credit.