Armenia's Inecobank acquires ProCredit in deal backed by EBRD

December 10, 2015 1:37 PM

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YEREVAN Dec 10 Armenia's Inecobank has acquired ProCredit Bank CJSC, it said on Thursday, in the first market-driven consolidation in the ex-Soviet country's banking sector.

The transaction was financed with equity investments by the European Bank for Reconstruction and Development (EBRD) and two of Inecobank's major local shareholders, supported by a $20 million loan from the International Finance Corporation (IFC).

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