30 Years in Pursuit of the Armenian Dream: Inecobank Celebrates its Anniversary
On March 6, Inecobank celebrated the 30th anniversary of its founding with a solemn event at the National Gallery of Armenia, reviewing its remarkable achievements over the past three decades and unveiling a new stage of development.
The event was attended by representatives of the government and state institutions, the leadership of the Central Bank of Armenia, industry partners, representatives of international organizations, as well as the Bank’s long-standing and loyal customers. The evening brought together all those who have accompanied the organization throughout its journey of growth, establishment, and success at various stages of its development.
The thirty-year journey that began as a bold idea has grown into the story of a well-established, technology-driven, customer-centric financial institution. Throughout its history, Inecobank has continuously evolved in response to the challenges of the times, building a strong reputation as a reliable and trusted partner for both individuals and businesses.
“This anniversary is not only an opportunity to reflect on the past 30 years, it is also the starting point for a new stage in our development. We are continuously investing in technological transformation to build a modern, innovative, and customer-centric bank, where technology and innovation contribute to the growth of both people and businesses. We firmly believe that technology creates real value when it is accessible, easy to use, and delivers meaningful benefits to our partners,” said Hayk Voskanyan, Chief executive officer of Inecobank.
He noted that the Bank will soon launch the updated mobile banking application designed to provide a faster, more convenient, and more secure digital experience for its users.
“Over the past thirty years, we have achieved measurable and tangible results that clearly reflect the impact of our work. More than 3.5 trillion drams of lending, about 2 trillion drams of financing to businesses, more than 2.5 trillion drams of entrusted savings and 120 consecutive quarters of profitable operations. These figures are not merely financial indicators – they represent homes for thousands of families, jobs created, businesses developed, and projects successfully implemented. As we enter our next stage of development, we aim to sustain this growth, increase the share of digital transactions, and expand our international partnerships, continuing to create real and lasting value for the Armenian economy”, said Artyom Chichyan, Deputy CEO, the Chief Corporate Business Officer of Inecobank.
During the evening, congratulatory remarks were delivered by the Deputy Prime Minister of the Republic of Armenia, Mher Grigoryan, and the Chairman of the Central Bank of Armenia, Martin Galstyan.
A gold medal was awarded to Inecobank founder Avetis Baloyan by Arsen Ghazaryan, President of the Union of Manufacturers and Businessmen of Armenia, in recognition of his significant contribution to the development of Armenia’s banking sector.
Over the past 30 years, Inecobank has achieved impressive results
- Loans totaling more than 3.5 trillion AMD has been extended to date
- Nearly 2 trillion AMD in financing to partner businesses, which has resulted in the creation of thousands of jobs
- More than 2.5 trillion AMD of savings entrusted to the Bank
- More than 1 billion USD in loans attracted from international partners
- More than 50 partnerships with international institutions
- 120 consecutive quarters of profitable operation
- Funding for over 10,000 homes
- Nearly 1 million customers have used the Bank’s services
- Over 600,000 existing customers
- More than 95 percent of transactions is conducted through digital channels
- Over 1000 employees
These indicators reflect the Bank’s sustainable growth and highlight its significant role in the development of Armenian economy.
The company has a long-standing commitment to social responsibility, consistently supporting charitable programs that foster education and culture across the country. Among the Bank’s key initiatives in recent years is the “Inecobank by Your Side” educational program, which has already funded the education of hundreds of students both in Armenia and abroad.
At the event, another charitable initiative was unveiled: with the support of Inecobank, the digitization of unique collection of Manuscripts and Documents Department of the National Gallery of Armenia will be undertaken. To mark the occasion, Ineco Group CEO Davit Baloyan and the National Gallery director Marina Hakobyan signed a MOU, strengthening their partnership in this important project.
“Inecobank has always recognized the importance of preserving cultural heritage. Guided by this conviction, we have initiated the financing of the digitization of the National Gallery’s archives. This initiative aims to safeguard and make our cultural heritage accessible to the global community by integrating innovative technologies with national values”, said Davit Baloyan, Ineco Group CEO.
Inecobank’s 30th anniversary is not only a reporting year in our history but also a strong signal of our commitment to continuous development. As we enter a new decade, the Bank remains true to its core values while shaping the Armenian model of financial services.
The symbolic conclusion of the evening was the book “The Pursuit of Armenian Dream,” which chronicles Inecobank’s 30-year history. The book captures the full trajectory of the Bank, from its founding and key strategic milestones to its challenges and major achievements – a journey that has shaped the Bank’s present identity. The anniversary edition was gifted to the event guests, serving as a bridge between the past, present, and future.
