Incofin’s exit is the first exit of the agRIF fund and has resulted in an attractive return on investment for Incofin. agRIF, Incofin’s fund focusing on financial inclusion in the agricultural value chain, entered the capital of Inecobank in 2018. In total, agRIF has invested about USD 70 million in 11 companies. The founders of Inecobank are acquiring the shares of Incofin.

Inecobank, founded in 1996, is one of the leading banks in Armenia, with more than 600,000 customers. It is the market leader in POS lending as well as in mobile/online banking solutions. It consistently ranks among the most profitable banks in the country.

Jan Dewijngaert, Director Private Equity at Incofin commented: Inecobank and Incofin enjoy a long and fruitful relationship, both through debt products and equity. During the nearly five years that agRIF has been shareholder, Inecobank has shown remarkable growth, increasing its client reach by nearly 50%, and thereby strengthening its profile in impact investing. The bank has an excellent leadership team that managed to boost profitability even in the difficult context of the past few years. This deal also demonstrates that even in today’s challenging times, successful equity divestments are possible.

 Legelata Law Firm in Armenia acted as legal advisor to agRIF for this transaction.

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