INECOBANK TO START MONEY TRANSFER OPERATIONS THROUGH CONTACT SYSTEM

ARKA
November 20, 2009
Yerevan

YEREVAN, November 20, /ARKA/. Inecobank, one of Armenian commercial
banks, said in a statement it will start remittance operations from
November 23 through CONTACT international money transfer system.

CONTACT is a money transfer system that allows quick and effective
transfer of money to one’s relatives and friends without opening
account. It takes a few minutes to make a transaction. Money is
available within several hours. Transfers are made in rubles, US
dollars and Euros to 85 countries . Minimum amount of the transaction
is not fixed. Rate of commission: 2% – in rubles across Russia, 3%
– in foreign currency (dollars, euros). When transferring money to
CONTACT by foreign partner companies, a non-standard rate of commission
can be applied.

Inecobank offers money transfers also through Money Gram, Migom,
LEADER systems and through Russian Promsvyazbank’s speedy system of
money transfers.

Inecobank was registered in 1996. It was the first Armenian bank to
serve purchase of consumer goods on installment plan in 1997. Some
13.5 % of its shares are held by Deutsche Investititions-und
Entwicklunsgesellschaft mbH and 10% by the International Financial
Corporation (IFC). The bank cooperates also with EBRD, USAID, KfW,
the Black Sea Trade and Development Bank and other international
lending organizations.

As of September 30, 2009 its assets totaled 45.9 billion Drams,
liabilities-9.7 billion Drams, credit investments-27.8 billion Drams,
liabilities before clients-13.8 billion Drams. Its net profit in
January-September 2009 totaled 421.7 million Drams. The bank has 9
branches. ($1- 387.39 Drams).