US based DWM becomes new shareholder of Inecobank CJSC

YEREVAN, MARCH 5, ARMENPRESS. Inecobank CJSC on March 5 has announced the completion of a private transaction between the European Bank for Reconstruction and Development (EBRD) and US based Developing World Markets (DWM) investment company, according to which the later acquired part of EBRD shares of Inecobank CJSC. Under the terms of this transaction, DMW becomes a shareholder with 5% of the total shares at Inecobank CJSC, the Bank told Armenpress.

“We are excited to welcome such a reputable institution as DWM as a shareholder of Inecobank. The acquisition of Inecobank shares marks the entry of DWM in the Armenian market, expanding its presence in the region”, Inecobank’s Chairman and major shareholder Avetis Baloyan said.

Having DWM as a shareholder of Inecobank will enhance the Bank’s visibility in the international market and will further strengthen the position of Inecobank as one of the leading banks in the South Caucasus region.

“This is the second equity investment transaction for Inecobank during the last year, which shows how much confidence investors have for Inecobank’s current business model, the partnership environment, vision for the future and corporate governance practices. The Bank will continue to engage new investors and expand its shareholder base, who will support the implementation of our vision of becoming a leader in the financial sector of Armenia and South Caucuses”, said Avetis Baloyan.

ABOUT DMW

DWM is an emerging and frontier markets investment manager based in USA, dedicated to making return-first impact investments that seek risk-appropriate returns for our investors and measurable environmental or social benefits for the developing world. We believe that the private sector and capital markets can and should be utilized to create positive economic, environmental and social change.