You can realize your credit and card liabilities on May 2.

You can realize your credit and card liabilities on April 25.

Thomas Lubeck, IFC Regional Manager for the South Caucasus, said, “IFC’s innovative instrument, the performance-based grant, has helped Inecobank focus on microfinance, which is an important tool to improve livelihoods, especially underserved households in rural areas of Armenia. This cooperation is intended to benefit those who often find it difficult to access finance to modernize and expand their businesses.” 

This initiative is part of the IFC’s Performance Based Grant Initiative, a new Advisory Services resource aimed at providing funding for results-oriented projects and developing innovative business models to expand access to financial services. These funds are given to projects that define measurable performance targets to be achieved by clients during implementation. Performance-based grants are used to incentivize and reward institutions that develop strategies to reach underserved segments. 

Armenia became a member and a shareholder of IFC in 1995. Since then, IFC has invested $244 million in 40 projects across a range of sectors, including financial markets, manufacturing, and mining. IFC advisory services provide advice on the financial sector, sustainable energy, regulatory simplification, and food safety.

IFC’s performance-based grants have increased the bank’s ability to provide microfinance by identifying lending gaps and changing policy to address them. As a result, Inecobank originated 101,160 microloans during 2010 to 2012, a significant increase from the previous three years, with 84 percent of the loans going to borrowers in rural areas. 

"IFC has helped us achieve our ambitious target to mainstream microfinance into the bank’s core operations and improve our ability to better serve small business owners and micro-entrepreneurs,” said Avetis Baloyan, CEO of Inecobank. “At the same time, our cooperation with IFC has given us flexibility regarding how we deploy grant funds most effectively.” 

Thomas Lubeck, IFC Regional Manager for the South Caucasus, said, “IFC’s innovative instrument, the performance-based grant, has helped Inecobank focus on microfinance, which is an important tool to improve livelihoods, especially underserved households in rural areas of Armenia. This cooperation is intended to benefit those who often find it difficult to access finance to modernize and expand their businesses.” 

This initiative is part of the IFC’s Performance Based Grant Initiative, a new Advisory Services resource aimed at providing funding for results-oriented projects and developing innovative business models to expand access to financial services. These funds are given to projects that define measurable performance targets to be achieved by clients during implementation. Performance-based grants are used to incentivize and reward institutions that develop strategies to reach underserved segments. 

Armenia became a member and a shareholder of IFC in 1995. Since then, IFC has invested $244 million in 40 projects across a range of sectors, including financial markets, manufacturing, and mining. IFC advisory services provide advice on the financial sector, sustainable energy, regulatory simplification, and food safety.

You can realize your credit and card liabilities on April 2.

You can realize your credit and card liabilities on March 9th without any penalty fees. 

Inecobank CJSC Directorate

During the opening ceremony welcoming speeches were performed by Deputy Chief Executive Officer of Inecobank Mr. Arthur Hambardzumyan and “Artashat” branch manager Mr. Albert Mkhitaryan. At "Artashat" branch opening ceremony the deputy governor of Ararat region Mr. A. Mouradyan, the mayor of Artashat city Mr. G. Mouradian, honored guests and Inecobank customers were present.

As Mr. Arthur Hambardzumyan mentioned in his speech, "Opening of this branch is another step of Inecobank towards being more accessible to its customers." “Artashat" branch is located in one of the central streets of the city and is notable for its high quality service and comfort." "Artashat" branch offers payment services to legal entities and individuals, business loans, trade finance instruments, deposits, utility payments, credit cards, a wide variety of international money transfer systems, point of sales loans, etc.

"We are pleased to announce that Inecobank has opened a regional branch in a new region. “Artashat” branch being located in the regional center of Ararat marz aims to promote development of agriculture and business in the region, as well as to improve living conditions of the population." Highly qualified staff of “Artashat" branch is ready to serve all customers," said branch manager Mr. Mkhitaryan.

"In the coming years we plan to open new branches in different areas of Yerevan, as well as in regions, following the principle “High quality of services in the most convenient location for the customers,” added Mr. A. Hambardzumyan.

Inecobank has been providing high quality banking services for already 17 years and now serves more than 190 000 customers. 

Inecobank congratulates you on the 21th anniversary of the Armenian Army and informs that the Bank is closed on January 28th. 

You can realize your credit and card liabilities on January 29th without any penalty fees.

From now on it will be possible to make deposits to saving, current and card accounts and deposits and to make loan repayments through the Telcell company terminals. 

"Inecobank always strives to offer its customers the most innovative and convenient banking services to help save time. Through cooperation with Telcell the Bank’s services will become even more accessible and affordable for the customers," said the CEO of Inecobank Avetis Baloyan. 

"Acceptance of payments for the company’s products and services through the self-service terminals still remains a very significant issue for the banking sector of Armenia. We have conducted technical integration jointly with Inecobank, as a result of which it became possible to perform the operations that are most popular among the customers in each of more than 800 Telcell payment terminals in the entire territory of Armenia. I am confident that the Bank and its customers will highly appreciate the advantages of 24/7 self-servicing mode, in any case, on our behalf we are ready to do as much as possible to accomplish this," commented the initiation of cooperation with Inecobank CJSC the Executive Director of “Telcell" CJSC Aram Azatyan. 

In order to make payments for banking services it is necessary to access "Banks and UCOs” section on the self-service terminal, then enter "Inecobank" sub-section and select one of the four services.

With this occasion Inecobank is glad to invite its current and new customers to participate in “World Savings Day” event in all of its branches. 

Only on October 31 in case of placing a deposit in the amount of 100,000 AMD or more the client will receive “Ineco Online” service free of charge. 

Besides, the client will be able to receive the interest accumulated on its deposit amount on monthly basis at interest rate applicable to receipt of the interest in the end of the deposit term. In case of placing a Standard deposit and breaking the agreement the accumulated interest amount will not be lost. 

The minimal amount for deposit placement is the following: 

• For deposits in AMD - 5,000 AMD 
• For deposits in USD – 10 USD
• For deposits in Euro – 10 Euro 

Within the framework of the renovation project of common use premises in multi-apartment buildings the roof renovation of the second building has already started in the Vanadzor city. 

Habitat for Humanity Armenia Foundation, together with Inecobank CJSC is implementing a two-year repair project of apartment buildings, the aim of which is to help 200 families living in apartment buildings to repair common use premises including roofs, entrances, water pipes, elevators, as well as ensure heat isolation of the buildings. 

The pilot project launched in Vanadzor city of Lori region in July 2011, apartment buildings of which have abundant issues relating to conditions of common use premises. 

The project is implemented in close cooperation with Vanadzor municipality, and as a result the latter provides 40% subsidy. 

Habitat for Humanity Armenia plans to expand the scope of the project throughout Armenia by implementing it in all regions of RA. 

“I should note that this project is very important and at the same time is hard to implement since citizens of RA do not attach importance to the improvement of common use premises and are not ready to pay for solving these problems. In this respect a lot of work should be done to increase the role and responsibility of the residents towards the improvement of common use premises. Since 2011 Habitat for Humanity Armenia has been carrying out awareness-raising activities in this field, and today we can see the results. On behalf of our staff I would like to express my deepest gratitude to the mayor of Vanadzor Samvel Darbinyan for his invaluable assistance and I hope that our close cooperation will be a prerequisite to the partnership with other municipalities of RA.”- said Karine Mailyan Housing Finance Manager of Habitat for Humanity Armenia foundation. 

Gagik Arzumanyan, Branch Manager of Inecobank in Vanadzor, mentioned “Being a socially responsible organization, we are glad that Inecobank and Habitat for Humanity Armenia Foundation joined efforts to launch the roof renovation of the second building within the scopes of the project. The start shows that the level of awareness in the field of financial services is increasing and communities show willingness to start an effective cooperation with the Bank. It is noteworthy, that the issue of upgrading common use premises can successfully be solved through a most efficient financial product developed by Inecobank for this project.”

"Ineco Online" system is a modern and convenient way to deliver financial services to clients from any part of the world 24/7.

With "Ineco Online" system the customer can enjoy the required banking services including: 

• To see account balance and statement in real time regime 
• To see loans, repayment schedules, repayment history and to make payments 
• To make transfers between current, savings and card accounts in AMD and foreign currency 
• To make transfers in AMD and foreign currency to accounts of other persons, including interbank and international transfers 
• To make payments for utility and other services 
• To create direct debit automated payment orders 
• To place deposits, see the current deposit balances and terms, to increase deposit amounts 
• To get information on local and international banks foreign exchange rates, etc. 

USD loan agreement with Green for Growth Fund (GGF). This loan will be dedicated to energy efficient financing of not only enterprises but also individual customers of the Bank. 

Within the framework of energy efficient lending program Inecobank is planning to finance such projects as installation of energy efficient production lines, implementation of energy efficient technologies, energy efficient construction including installation of thermal insulating doors and windows and upgrading of thermal insulation of roofs and walls, as well as installation of new lighting, heating and cooling systems which will allow to achieve minimum 20% in primary energy savings. 

In line with the loan Green for Growth Fund will be providing technical assistance to Inecobank which will help to achieve higher efficiency of creation and implementation of energy efficient lending strategy.

“The GGF is delighted to announce this cooperation with Inecobank, a solid financial institution with a strong commitment to energy efficiency lending. This loan agreement also marks the GGF’s first step in expanding its activities into the European Eastern Neighborhood Region. It is by working with sound institutions like Inecobank that we can maximize the Fund’s outreach, while effectively contributing towards a reduction of Armenia’s energy consumption,” said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe.

“We feel confident that our newly established partnership with Green for Growth Fund is a good start for a long-term effective cooperation aimed at promotion of energy efficient lending throughout Armenia. Being a socially responsible organization Inecobank views this project as a first step towards ensuring reduction of energy consumption not only among local enterprises but also in households via tailor-made banking services.” said Avetis Baloyan, Chief Executive Officer of Inecobank CJSC.

As a continuation of its long-term cooperation with European Bank for Reconstruction and Development (EBRD) Inecobank recently signed a new loan agreement attracting 8 million USD funds which will be directed to financing of micro, small and medium enterprises. 

It is noteworthy that the new loan is in local currency which will give Inecobank an opportunity to provide loans in AMD without assuming any possible currency risks. This loan agreement is 8th with EBRD and serves a proof of lasting cooperation and further effective collaboration. 

"The new loan will allow the Bank to increase the amount of AMD loans to SMEs and micro enterprises and at the same time to contribute to sustainable development of the private sector of the country's economy", says Avetis Baloyan, Chief Executive Director of Inecobank.

Bank branches and Central operational division will be open on Saturday, July 7th from 10:00 to 15:00

By purchasing MasterCard cards till September 30, Inecobank customers will receive up to 10% discount on travel packages and tickets in a number of travel agencies, 10% discount for the travel insurance of the cardholder and his family, up to 10% discount for photo-video equipment purchase at shops cooperating with the Bank, as well as 40% discount for the first year service fee of attached and additional cards. 

With Travel package our Bank’s MasterCard cardholders can also receive a credit line and free account  statement and reference for embassy submission. 

These features are also applicable to current MasterCard cardholders of Inecobank. 

MasterCard cards are provided at discounted price for the first year of service.

This credit facility will be used to increase access to longer-tenor loans for micro and small enterprises. 

"We are pleased that the list of our international partners has been extended by such an honourable organization. The loan agreement signed with EFSE is a great opportunity to expand the volume of loans provided to micro and small enterprises and to promote sustainable development of the private sector of the economy. We are confident that signing of the loan agreement with EFSE will become the first step towards our lasting cooperation", said Chief Executive Director of Inecobank Avetis Baloyan. 

The mission of EFSE is to provide sustainable financing to micro, small and medium enterprises, which fully complies with the current strategy Inecobank. 

“We welcome Inecobank as our new partner and the opportunity to support Armenian micro and small enterprises through yet another well-established financial institution. At the EFSE, we are pleased to support Inecobank’s strategy to expand its MSME loan portfolio to meet the growing demand for longer-term financing from smaller businesses, thereby contributing to the overall growth of the Armenian economy,” said Monika Beck, Chairperson of the Board of Directors of the EFSE.

Yerevan, 25 April, 2012 –Following the partnership principles and goals defined by the Memorandum of Understanding, signed on 15 July, 2011 between Habitat for Humanity Armenia Foundation and Inecobank CJSC, the partners started a 2-year joint project in July 2011, addressing poverty housing by contributing to the improvement of living conditions of low-income families living in condominium buildings. 

On April 10, 2012 a Loan Agreement was signed between the Parties according to which Inecobank CJSC receives AMD 11,000 loan common area revitalization and building stabilization activities in the condominium buildings. The project will be done through the introduction of a renovation loan product that will allow families to improve their living conditions. Overall the project aims to support 200 low-income families by improving the common areas of multi-apartments buildings. As a beginning, roof renovations of 2 apartment buildings have started in the city of Vanadzor. 

“We welcome Inecobank as our new partner and the opportunity to support low-income families through well established financial institution. This is a pilot project and Habitat for Humanity Armenia’s commitment and partnership with Inecobank within the framework of this project are the first steps towards improving living conditions of multi-apartment buildings’ residents. ” said Luiza Vardanyan, Executive Director of Habitat for Humanity Armenia. 

“We feel confident that our newly established partnership with Habitat for Humanity Armenia is a good start for a long-term effective cooperation aimed at improvement of housing conditions throughout Armenia. Being a socially responsible organization Inecobank views this project as another step towards ensuring better living conditions for lower income families via tailor-made banking services ,” said Avetis Baloyan, Chief Executive Officer of Inecobank Armenia.

On May 18, 2012 at 16:00 Yerevan time will take place an Annual General Meeting of shareholders at the head office of Inecobank CJSC located on 17 Toumanyan street, Yerevan.

The credit commitments due for the period from March 8-11, will not be considered as overdue if paid in 12 and 13 March, 2012. In case of repayment during the aforementioned period no penalty will be calculated.

During the spring months commission fee for remittances will constitute 1.4% of the transferred amount, but not less than 5 USD, 5 Euro or 150 RUR and not more than 90 USD, 90 Euro or 2000 RUR. 

Money transfers with “Bistraya Pochta” system are performed amongst CIS countries.

Money transfers with “UNISTREAM” system can be realized in USD, EUR and RUR without account opening with a commission fee starting from 1%. The transfer takes up to 10-15 minutes. The system also provides an option of transferring the amount to the receiver’s bank or card account, as well as a possibility of receiving the remittance at any service center of "UNISTREAM”. 

“UNISTREAM” money transfer system is a wide network with geographical presence established in Russia, Kazakhstan, Ukraine, Tajikistan, Moldova and other countries. 

Inecobank offers its customers the most convenient, reliable, simple and cheap ways to realize money transfers in different directions. With this aim the bank cooperates with a number of international money transfer systems operating in the territory of Armenia, including "Zolotaya Korona", "Bistraya Pochta", "Money Gram", "Migom", "Blizko", "Contact", and “Inter Express” systems. 

In 2011 Inecobank carried out more than 64,000 money transfer transactions.

Inecobank congratulates you on the 20th anniversary of the Armenian Army and informs that the Bank is closed today. You can realize your credit and card liabilities on January 30th without any penalty fees.

The credit commitments due for the period form 1 January 2012, will not be considered as overdue if paid in January 2012 from 9 to 12 inclusive.

In case of repayment during the aforementioned period no penalty will be calculated. 

"Inecobank" CJSC 

Management

Let the year be full of success, happiness, health and memorable moments.

With best regards,

INECOBANK CJSC

The senior management, honorable guests and clients of Inecobank were present at the opening ceremony. 

In his welcoming speech the Deputy CEO of Inecobank Mr. Arthur Hambardzumyan stated: “For already more than 10 years “Vanadzor” branch of Inecobank has been operating in Lori region. During these years the branch has acquired a reputation of stable and reliable partner by offering a wide range of high-quality banking services. It is worth mentioning that Inecobank is concluding the 15th year of its activities by the opening ceremony of its 15th branch, while the geographical location of the new branch verifies the Bank’s trend to regional expansion”. 

The head of “Vanadzor” branch Mr. Gagik Arzumanyan added: “Viewing Lori region as a strategic direction of Inecobank’s regional network expansion, today we opened the doors of “Lori” branch. The opening of a second branch in the region is another step towards being even more accessible for the region-dwellers”. 

“Lori” branch will provide a wide range of banking services to legal entities and individuals, including account servicing, business loans, trade finance tools, deposits, payment cards, a wide variety of money transfer systems, utility payments, POS loans financing, etc. 

Following the opening of the new branch current and future clients of Inecobank will be able to use a number of services with beneficial terms till March 31, 2012. 

Address of “Lori” branch is: Vanadzor, Tigran Mets avenue 79/1, tel.: /374 322/ 4 01 53.

Inecobank has been cooperating with “DWM Asset Management” Investment Company since 2009 aiming to promote the development of micro and small enterprises in Armenia. 

In the process of signing the new loan agreement with “DWM Asset Management” “Symbiotics” company was acting as an intermediary. Inecobank has a more than 2 years cooperation experience with “Symbiotics” within the framework of microfinance development. 

“Inecobank highly values contribution of the international partners to the process of micro and SME sectors development in Armenia. The loan resources attracted from “DWM Asset Management” Investment Company will be directed to micro and small enterprise financing offering our clients a chance to receive loans with even more favorable conditions”, said the CEO of Inecobank, Mr. Avetis Baloyan. 

Micro, small and medium enterprises are a very important moving power of the private sector and play a crucial role in economy development process. In the upcoming years Inecobank is planning to extend its activities in SME sector, where the Bank is positioned as a “client-oriented” bank providing high-quality and affordable banking services. Due to effective cooperation with reputable international institutions, client-oriented strategy, as well as clear and flexible credit policy, Inecobank witnessed a significant growth in SME loan portfolio during the recent years which grew by more than 37% during the 11 months of 2011 equaling to 23.9 billion AMD of loan investments in micro and SME sectors. 

“DWM Asset Management” Investment Company is a DWM (Developing World Markets) group member the aim of which is to provide stable social-economic development by using capital markets. “DWM Asset Management” Investment Company invests in microfinance sectors of developing countries. 

Inecobank has extensive experience of cooperation with international organizations and actively cooperates with more than 20 such institutions. Inecobank has already attracted USD 50 million from international organizations since the beginning of 2011 directing these resources to financing of micro, small and medium enterprises, as well as trade finance.

Today on December 7, in connection with the 23th anniversary of Spitak earthquake, Inecobank Gyumri and Vanadzor branches will work until 15:30 p.m.

Loans to small and medium enterprises (SME) and loans to corporate clients constitute the major part of the Bank's loan portfolio. Their volume has increased by almost 50% during the last nine months. Microfinance is another strategic direction for the Bank. The microloan portfolio has grown by 53% since the beginning of the year. 

The share of the loan portfolio in total assets structure is 70%, which provides for the high level of return on assets indicator (ROA) equaling to 3.4%. During the last nine months the Bank's total assets have grown by 19.6% and amounted to 70.1 billion AMD.

We are glad to inform you that the Central Operational Division, Abovyan 18 and Arabkir branches of Inecobank will work on Saturdays at 10:00-15:00 starting from November 5, 2011.

The aim of this research was to analyze how the environmental issue is perceived by the microfinance institutions and to measure their environmental performance. The environmental performance has been calculated on the basis of the answers provided in the survey and the analysis of core environmental indicators. 

It is the first time that Microfinance Environmental Performance Index (MEPI) methodology was used to measure environmental performance in microfinance. MEPI is a tool that measures environmental performance based on 5 core indicators: environmental policy, ecological footprint, environmental risk assessment, green microcredit and non-financial services. 

As a result of the research Inecobank scored 10.5 cumulative points in the mentioned 5 sectors, while the highest score was granted for environmental risk assessment. Based on the benchmarks, the average regional score was 9.12, and the average score for the banking sector was 6.07. 

In recent years environmental protection is an issue of concern not only for the institutions working in the environmental field, but for any socially responsible organization. “Microfinance and Environment” research provided a good opportunity to every participant company not only to know its own score, but also to compare it to the average scores of the relevant field and to use this comparison as a benchmark for future planning and development of its environmental strategy.

Within the framework of this loan agreement, Inecobank will provide small and medium enterprises (SMEs) with loans of up to USD 1 million for a term of up to 6 years, including a grace period of up to 2 years and interest rates starting from 10%. 

“We have been cooperating with OFID since 2008 and highly value its contribution to the development of the SME sector in Armenia. The willingness of OFID to further long-term cooperation with Inecobank is very important to us, and we are confident that our cooperation will continue to be highly effective”, stressed Avetis Baloyan, the CEO of Inecobank. 

Inecobank has extensive experience of cooperation with international organizations and actively cooperates with more than 20 such institutions. Inecobank has already attracted USD 30 million from international organizations since the beginning of 2011 and plans to attract USD 20 million more by the end of this year. 

OFID is the development finance institution agency founded in 1976 by the Member Countries of OPEC (Organization of Petroleum Exporting Countries) to support South-South cooperation by providing assistance to other developing countries. To date, OFID has committed more than USD 13.4 billion in funding to 130 countries to help further their economic and social development.

Using the best international practice and aiming to promote saving habits in Armenia Inecobank created a saving mechanism which helps to save easily and effectively. 

InecoSave saving account is designed for everyone who wants to save and at the same time to be able to use any amount accumulated on the account at any moment. 

“Following our mission we created a tool which will help our clients to achieve their short-term and perspective goals. InecoSave is a compound and automated mechanism which is convenient, flexible and profitable”, stressed Avetis Baloyan, the CEO of Inecobank. 

InecoSave saving account is easy and simple to use. One can open a saving account starting with a very small sum of money and then add more savings whenever he wishes. Account servicing, depositing and cashing of money is free of charge, while clients will get 7% interest annually for their savings. 

Clients of Inecobank can save not only money, but also their time using Direct Debit mechanism. A client can order the Bank to transfer required amounts from current or card account to the saving account, as well as make other necessary payments quickly and on time. 

To raise the profitability of their savings clients can from time to time transfer money accumulated on their saving account to accumulative deposit and get up to 12.5% interest. 

For more than 15 years Inecobank has been offering convenient and affordable services in Armenian banking market, the vivid proof of which is Inecobank’s constant leadership in the field of point of sales loans. Being an easy and affordable banking service, Inecosave saving account is also deemed to occupy its particular place in the lives of every family, becoming an exceptional evidence of confidence and well-being.

On November 4, 2011 at 18:00 Yerevan time will take place an Extraordinary General Meeting of shareholders at the head office of Inecobank CJSC located on 17 Toumanyan street, Yerevan.

During the opening ceremony welcoming speeches were performed by Deputy Chief Executive Officer of Inecobank Mr. Arthur Hambardzumyan and “Ashtarak” branch manager Mr. Razmik Petrosyan. 

“Regional extension of Inecobank’s branch network is an important goal for us. The opening of this branch is another step towards becoming even closer to our clients. “Ashtarak” is the 14th branch of Inecobank and it is noteworthy that we are planning to open the 15th branch as well during this year which is the 15th year for our Bank”, stated Mr. A. Hambardzumyan in his speech. 

“Ashtarak” branch will provide a wide range of banking services to legal entities and individuals, including account servicing, micro, SME and consumer loans, deposits, payment cards, a wide variety of money transfer systems, utility payments, POS loans financing, etc. 

The first regional branch of Inecobank was opened in 2000 in Gyumri. Today the Bank is present in 5 regions of Armenia and is planning for the upcoming 3 years to expand its presence in all regions of Armenia as well as to broaden the branch network in the capital, following the principle “High quality of services in the most convenient location for the customers”. 

Inecobank has been providing high quality banking services for already 15 years and now serves more than 175 000 customers. 

Address of “Ashtarak” branch is Ashtarak, Nerses Ashtaraketsi sq. 2, tel.: 3 60 61.

"Small and medium sized enterprises are the key and dynamic players of the private sector and this joint loan will be used for financing the SME businesses and helping them to expand their business. This sector is a strategic direction for Inecobank and we highly value the contribution of OeEB and DEG towards the fulfilment of our mission. Inecobank has long history of efficient cooperation with DEG which is also the shareholder of the bank since 2008. With OeEB this is the first deal which we are sure will become the first step towards creating solid grounds for further long term and fruitful cooperation” said Avetis Baloyan, the CEO of Inecobank. 

“We are proud to support with Inecobank a partner distinguished by exceptional regional knowledge and a proven track record. As one of the bank’s focus activities is on financing of small and medium-sized enterprises, the project renders a contribution to securing jobs in this field. It is a major aim of DEG to facilitate access to capital for small and medium-sized enterprises. SME are often too small for commercial banks and too big for micro-finance institutions. This financing gap needs to be closed” said Holger Rothenbusch, Head of DEG’s Asia / Europe Division. 

Inecobank intends to develop its activities in the SME sector in the future, where the Bank is positioning itself as a user-friendly bank providing high-quality and accessible banking services for its customers. As a result of effective cooperation with authoritative international financial institutions, customer-oriented strategy and clear and flexible credit policy adopted by Inecobank, the SME loan portfolio increased significantly during the last years. 

“We consider Inecobank being an outstanding partner to support the SME sector in Armenia”, adds Andrea Hagmann, Member of the Executive Board of OeEB. “Small and medium enterprises are a solid basis for a healthy prospering economy and will be the key for further development in Armenia.”

INECOBANK CJSC announces on holding a public tender for the purpose of selecting an audit company to audit financial statements as a result of which an Agreement on Conducting an Audit of Financial Statements and Consolidated Financial Data will be concluded with the winner. 

In order to participate in the Tender you are required to submit a tender application and the following documents to INECOBANK CJSC until 08/09/2011, before 18:00 o’clock, at 17 Toumanyan street, Yerevan address: 

• information on the tender participant (according to the required form), 
• copy of holding an audit activity license, 
• information on the accounts receivables of the participant, 
• information on the participant’s experience in holding an audit activities in the RA, 
• copies of documents verifying the working experience and qualifications of employees participating in the audit activities. 

The working style of Inecobank has initially been formed within the scope of the idea of making the banking services more available to the business and society and rendering quality services. 

Heretofore the system of values set in the core of the bank’s working style is based upon diligent work and partnership principle. One of the guarantees of the Bank’s success is its availability to the customers, the way of timely and correctly understanding its customers’ needs and offering a range of opportunities to meet them. 

The ultimate goal initially set for the staff of Inecobank is to render professional, quality, fast and conscientious service. 

Inecobank is currently not only a trade bank executing functions typical to the trade bank but also an environment where professionalism, teamwork and fair attitude towards the job are the basis of brand interrelations.

The fact that the loan is in AMD allows the bank to avoid baring the customers with currency risks without being exposed to currency risks itself. 

“Inecobank already received $ 7.5 million loan from BlueOrchard Finance SA in 2010. Signing of another agreement, aimed at the development of micro-financing, is the result of effective and committed work of the bank. It reinforces our cooperation with a strong partner,” Inecobank CEO Avetis Baloyan stated. 

Inecobank has already established cooperation with more than 20 international institutions. This year the bank plans to expand the framework of international cooperation and realize new programs aimed at financing of micro, small and medium business, as well as to step into the sphere of renewable energy and energy efficiency financing. 

BlueOrchard Finance S.A. since 2001 has provided debt financing to microfinance institutions, promoting income-generating activities and contributing to a more inclusive financial system and a better quality of life for marginalised and under-privileged populations. BlueOrchard Investments Sàrl since 2007 has invested in the equity of microfinance institutions and microfinance network funds.

During the opening ceremony welcoming speeches were performed by Deputy Chief Executive Officer of Inecobank Mr. Arthur Hambardzumyan and “Tigran Mets” branch manager Mr. Razmik Petrosyan. 

As Mr. A. Hambardzumyan stated in his speech, “The opening of this branch is another step towards becoming even closer to our clients. “Tigran Mets” branch is located in one of dynamic streets of the center of Yerevan and is distinguished by its convenience and high quality of services. In the upcoming years we are planning to open new branches in different districts of Yerevan as well as in the regions, following the principle “High quality of services in the most convenient location for the customers”. 

“Tigran Mets” branch will provide a wide range of banking services to legal entities and individuals, including account servicing, micro, SME and consumer loans, deposits, payment cards, a wide variety of money transfer systems, utility payments, POS loans financing, etc. 

Inecobank has been providing high quality banking services for already 15 years and now serves more than 169 000 customers. 

Address of the branch is: 29a Tigran Mets street, building 95, tel.: 52 88 16.

Inecobank offers its customers the most convenient, reliable, simple and cheap ways to realize money transfers in different directions. With this aim the bank cooperates with a number of international money transfer systems operating in the territory of Armenia, including "Zolotaya Korona", "Bistraya Pochta", "Money Gram", "Migom", "Blizko", "Contact", and “Inter Express” systems. 

"Zolotaya Korona" money transfer system is one of the most popular systems in Armenia. Since the beginning of November, 2010 Inecobank has already served 10 446 clients of this system, and the new tariff in the opinion of the Bank’s representatives, will certainly lead to an increase in remittances volume via "Zolotaya Korona". 

"Zolotaya Korona" system has positioned itself as the most accessible by tariffs and transfer geography. The system allows to receive an SMS message on the transfer status, as well as to control the transfer process in on-line mode. Money transfers are made in Russian rubles, US dollars and Euros within 1-5 minutes.

“Commerzbank” has been cooperating with “Inecobank” for already 15 years. Cooperation in the sphere of trade financing was initiated in 2010, within the framework of which “Inecobank” offers its clients letters of credit and bank guarantees approved by “Commerzbank”. For legal entities letters of credit and guarantees are an affordable and convenient means of international trade, and are provided for import or export of goods, provision of prepayment and fulfillment of the agreement. 

In the sphere of trade financing services “Inecobank” has an effective and full range of tools. The bank actively cooperates with EBRD, IFC, Atlantic Fortfaitierungs AG and OFID.

On May 20, 2011 at 16:00 Yerevan time will take place an Annual General Meeting of shareholders at the head office of Inecobank CJSC located on 17 Toumanyan street, Yerevan.