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About us


General Information about the Bank

"INECOBANK" CJSC was registered on February 7, 1996 (banking license number 68 issued by the Central Bank of Armenia). INECOBANK provides universal banking services and is active in the following areas:
  • General account servicing
  • Corporate lending
  • Consumer lending
  • Provision of guarantees and letters of credit
  • Deposits servicing
  • Payment cards servicing
  • Remittances servicing
  • Trade of gold bullions
  • Realizing transactions in foreign exchange markets.
INECOBANK’s Profile
  • International audit: since 1998 (by KPMG)
  • First Armenian bank which introduced Point of Sales lending program
  • A member of the international S.W.I.F.T. payments system
  • A member of several international remittance systems including Money Gram, Migom, Leader, Contact and Fast Mail
  • A fully-fledge member and shareholder of the ArCa payments system
  • An affiliated member of the MasterCard international payments system
  • First Armenian bank which introduced the service of operations on the international financial markets (FOREX)
  • Branch network:   4 regional branches: Gyumri, Vanadzor, Hrazdan, Armavir
                                     6 Yerevan branches: Abovyan 18, Arabkir, Malatya, Nor Norq, Shengavit and Koryun
  • Since 1998 started cooperating with international financial organizations and currently has more than 20 international partners


Nominations and Achievements
 

  • 2001     Was awarded “The Best Dealer in RA Domestic State Debt Management Market” title by the Ministry if Finance and Economy and the Central Bank of RA
  • 2004     According to the Banker magazine Inecobank was included in  the list of 20 fastest growing banks in the CEE and CIS countries and took the 1st place among Armenian banks
  • 2005     ArmInfo news agency declared Inecobank a winner of “Corporate Governance” and “Consumer Lending” nominations
  • 2007     Was awarded “The most active trade bank 2007” by the EBRD
  • 2008     According to the rankings of the Forbes magazine Inecobank was included in the MIX’s list of Top 100 Microfinance Institutions in the world being in the 36th place by its rank
  • 2008     ISO quality management system corresponding to international was adopted by the Bank.

The bank sets an annual plan for each financial year, which is composed of the bank's annual budget and work plan. Bank's annual plan is based on the long-run development plan. Together with the annual plan, the Board of the Bank sets the following:
  • The main measures according to which the Bank's plan will be considered as accomplished, partially accomplished or overaccomplished;
  • Explainable limits of budget fluctuations
  • Bank employees’ motivation principles based on the Annual plan accomplishment.
The above mentioned principles are the base for the evaluation of the Bank’s annual plan execution and work of the executive body.


                                                                                                        Updated 17.08.2010  at 13:15
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