Ineco Group, which owns Inecobank, has entered a share purchase agreement to buy a controlling stake in Slovenia-based Hranilnica LON.
Financial terms of the deal remain undisclosed.
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The deal gives the Armenian group access to Slovenia’s banking sector and marks its move into the European Union market.
Hranilnica LON holds a full banking licence in Slovenia and has been operating for close to 30 years.
Completion of the transaction remains subject to regulatory clearance, including approvals from the Bank of Slovenia, the European Central Bank and other relevant public authorities.
The purchase of the LON Bank stake forms part of Ineco Group’s overseas expansion plan, which began three years ago.
The group is currently present in more than 10 markets.
Ineco Group CEO Davit Baloyan said: “Today, Ineco Group has reached one of the most important milestones in its development. In terms of significance, this is perhaps the most consequential event in our journey to date and, at the same time, a historic moment for Armenia. We are entering a market of nearly 550 million people, opening an entirely new scale of growth and opportunity for us.
“This transaction is a continuation of the international expansion strategy we launched three years ago. Today, Ineco Group operates in more than 10 markets, from Central Asia to the European Union. Our ambition is to continue this growth journey and, over time, bring our services and products to millions of customers.”
