Incofin Investment Management (Incofin IM) is pleased to announce that agRIF Cooperatief U.A has acquired the shares of International Finance Corporation (IFC) and Deutsche Investitions und Entwicklungsgesellschaft (DEG) in Inecobank. agRIF is managed by Incofin IM. Under the terms of the private transaction held between the aforementioned companies, currently, agRIF Cooperatief owns over 10% (10.0104%) of stakes, while IFC and DEG have fully completed their exit.

The acquisition of Inecobank shares marks the entry of agRIF Cooperatief U.A. in the Armenian market, expanding its presence in the region. Additionally, the newly established cooperation 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.

Inecobank expresses its gratitude to IFC and DEG for their continued support over the past 10 years, for the confidence that they have placed in the Bank and for their contribution in the growth and success of the Bank.

About agRIF Cooperatief U.A.

Launched in 2015, the agRIF fund seeks to address the scarcity of financial services in developing countries. Investors in the fund include a.o. the European Investment Bank (EIB), Proparco, FMO, the Swiss Investment Fund for Emerging Markets (SIFEM), the Belgische Investeringsmaatschappij voor Ontwikkelingslanden (BIO) and AXA Impact Fund II.  agRIF is a third generation fund, following on Rural Impulse Fund I and Rural Impulse Fund II, which also used closed-ended, leveraged private equity structures to support investments in financial inclusion for the rural sector. agRIF takes this model one step further by specifically targeting the agricultural sector and smallholder farmers, as well as rural micro-entrepreneurs.

About Inecobank CJSC

Inecobank CJSC is a leading bank in the South Caucasus region, focused on individual customers, small and middle-market businesses and large corporations offering a full range of commercial banking services including break through and innovative digital banking solutions. For over 22 years the bank has been providing unmatched convenience in Armenia serving more than 400 000 customers and over 100 000 online users.

Inecobank developed and delivered industry-leading digital banking solutions with the purpose of introducing an entirely new culture of banking services.

  • In 2009 the Bank digitalized and fully automated the “Point of Sale Loan” product, reducing the loan generation time from 3-4 days to a few minutes.
  • In 2012, with the introduction of InecoOnline, the Bank was one of the first to provide 24/7 banking services to its customers.
  • In 2014 the Bank launched InecoMobile, its Mobile banking application, which is the most popular banking application in Armenia with over 100,000 users.
  • In 2017, the Bank was the first to introduce a fully automated consumer lending solution through its mobile and online applications, which generates consumer loans 24 hours a day, 7 days a week.

For more information, please contact Jan Dewijngaert, Director Private Equity of Incofin at +32 3 8292579 or

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