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.