Ineco to acquire majority stake in Slovenia’s Hranilnica LON

Ineco Group, the Armenian conglomerate that controls Inecobank, has reached an agreement to acquire a majority stake in Slovenia's Hranilnica LON, according to wire reports. The financial details of the deal have not been disclosed. The purchase gives Ineco access to the Slovenian banking sector and signifies its entry into the European Union market.

Hranilnica LON operates under a full banking license in Slovenia and has been in business for nearly three decades. The transaction's completion is contingent upon regulatory approvals from the Bank of Slovenia, the European Central Bank, and other relevant authorities.

This acquisition is a part of Ineco Group's overseas expansion strategy, which commenced three years ago. The company operates in over ten markets worldwide today. Davit Baloyan, CEO of Ineco Group, emphasized the significance of this milestone, stating that it represents a historic moment for both the company and Armenia, granting access to a market of nearly 550 million people and opening new avenues for growth and opportunity.

The CEO further revealed that the company currently operates in more than ten markets, spanning from Central Asia to the European Union, with ambitions to expand further and provide its services and products to millions of customers globally.