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Proparco vehicle completes acquisition of 10% stake in Armenia's Inecobank

Armenia-based Inecobank CJSC said agRIF Coöperatief UA completed the acquisition of a roughly 10% stake in the bank from the International Finance Corp. and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH.

AgRIF is an investment vehicle of Proparco, the private-sector financing arm of France's Agence Française de Développement, and is managed by Incofin Investment Management. The deal marks Netherlands-based agRIF's entry into the Armenian market, and IFC's and DEG's exit from Inecobank.