InecoBank
{{short description|Armenian bank}}
{{Weasel|date=September 2022}}
{{Infobox company
| name = Inecobank CJSC
| logo = 250px
| type = CJSC
| industry = Banking, financial services
| founded = February 7, 1996
| hq_location = Yerevan
| hq_location_country = Armenia
| num_locations = 26 branches
| key_people = Hayk Voskanyan (CEO)
Avetis Baloyan (Founder)
| products = Credit cards
Consumer banking
Corporate banking
Digital banking
| net_income = {{increase}} 7,024 mln AMD (2017)
5,157 mln AMD 2016
| assets = {{Unbulleted list|class=nowrap|{{increase}} AMD 277,842 mln. (2017) | AMD 236,196 mln. (2016) }}
| equity = {{Unbulleted list|class=nowrap|{{increase}} AMD 48,243 mln. (2017) | AMD 43,465 mln. (2016) }}
| num_employees = 950
| website = {{url | https://www.inecobank.am }}
}}
INECOBANK is one of the leading South Caucasus banks, headquartered in Yerevan, Armenia. The bank offers a full range of banking services, including digital banking services to individuals, SME and corporate clients.{{Cite web|url=https://sflpro.com/portfolio/inecobank/|title=ENABLING A STELLAR 300% GROWTH IN ONLINE TRANSACTIONS|website=SFL Pro.com|access-date=21 January 2019}} The bank was founded on February 7, 1996, licensed by CBA General banking license No. 85).{{Citation|title=Inecobank - About Inecobank|url=https://www.inecobank.am/en/home/about_us/general-information|access-date=25 April 2018}}
Starting from 1998, the bank has been cooperating with over 30 international financial organizations, and has established nostro-correspondent relations with a number of leading international banks.
The bank has two major shareholders - Avetis Baloyan (30% of shares) and Karen Safaryan (25.92% of shares). In 2015, European Bank of Reconstruction and Development became a shareholder of Inecobank, acquiring 22.7% of shares and in 2018 agRIF cooperatief became a shareholder acquiring 10% of shares from IFC and DEG in a private transaction.{{Cite web|url=http://www.incofin.com/agrif-acquires-ifc-and-deg-shares-in-inecobank-armenia/|title=agRIF acquires IFC and DEG shares in Inecobank Armenia|date=22 April 2018|website=Incofin|access-date=21 January 2019}}{{Cite news|url=https://www.legal500.com/firms/15029/press_releases/35403|title=LEGELATA ADVISES AGRIF COOPERATIEF U.A OF THE NETHERLANDS IN ACQUISITION OF STAKE IN INECOBANK CJSC|date=June 2018|work=The Legal 500|access-date=21 January 2019}}
In October 2019, Inecobank appointed Hayk Voskanyan as the company's Chief Executive Officer.{{Cite web|url=https://armenpress.am/eng/news/995069/|title=Inecobank has a new CEO|website=armenpress.am|language=en|access-date=2019-11-13}}
History
The history of Inecobank dates back to 1996, when two Armenian businessmen, Avetis Baloyan and Karen Safaryan along with other Armenian partners founded the bank․ The total capital of the bank as of FY 2018 is more than USD 100mln.{{Cite web|url=https://www.inecobank.am/files/Site_Arm/Hashvetvutyunner/Finansakan/Inecobank_Financial_Report_Interim_2018_4thQuarter_Arm.PDF|title=Inecobank Financial Report 2018 4th Quarter|date=31 December 2018}}
The bank has delivered a number of digital banking solutions{{solution-inline|date=September 2019}}, some of which are presented below:
- In 2019 the bank introduced a new feature - "Transfer to Card", which enables InecoOnline and InecoMobile users to make account-to-card and card-to-card transfers to the cards issued by the banks partnering ArCa system.{{Cite web|url=https://banks.am/en/news/newsfeed/17740|title=Inecobank introduces new update|website=Banks.am|language=en|access-date=2019-11-13}}
- In 2018 the bank was the first in the banking system to launch InecoPay payment system enabling to make payments from smartphones.{{Cite news|url=http://georgiatoday.ge/news/12863/INECOBANK-%E2%80%93-THE-FIRST-FULLY-DIGITAL-BANK-IN-ARMENIA|title=INECOBANK – THE FIRST FULLY DIGITAL BANK IN ARMENIA|date=23 October 2018|work=Georgia Today}}{{Cite news|url=https://www.telecompaper.com/news/inecobank-launches-contactless-mobile-payment-system-inecopay--1263552|title=Inecobank launches contactless mobile payment system InecoPay|date=5 October 2018|work=telecompaper}}
- In 2017, the bank was the first to introduce a fully automated consumer lending solution{{solution-inline|date=September 2019}} through its mobile and online applications. As a result, the loans are provided 24 hours a day, 7 days a week.{{Cite news|url=https://banks.am/am/news/newsfeed/14717|title=Ինեկոբանկը ներդրել է 1 CLICK նոր վարկատեսակը|date=20 November 2017|publisher=MEDIAMAX|language=hy}}{{Cite news|url=https://b24.am/finance/71036.html|title=Ինեկոբանկ. 1 Click օնլայն վարկ՝ արդեն մինչև 2.5 մլն դրամ|date=5 April 2018|work=B24|access-date=24 January 2019|language=hy}}
- In 2014 the bank launched InecoMobile, its Mobile banking application. Today, according to the official information provided by the bank, the application is one of the leading financial applications in the country, with over 150 000 active users.
- In 2012, with the introduction of InecoOnline, the bank was one of the first to provide 24/7 banking services to its customers.
- In 2009, the bank digitized and fully automated the “Point of Sale Loan” product, reducing the loan generation from 3 to 4 days to a few minutes.
See also
{{Portal|Banks}}