Ineco Group, the parent company of one of Armenia’s largest banks, Inecobank, has signed an agreement to acquire a controlling stake in Slovenian bank Hranilnica LON. The transaction marks a major step in the group’s international development and broadens its footprint in Europe.
Once completed, the deal will give Ineco Group access to the banking markets of Slovenia and the European Union. Hranilnica LON is a stable Slovenian bank with nearly three decades of operating history, a solid reputation and a full banking licence.
The transaction is expected to close after the required approvals are obtained from the Bank of Slovenia, the European Central Bank and the relevant state and other regulatory authorities.
Ineco Group CEO Davit Baloyan described the move as one of the most important stages in the company’s international development. He said the group is entering a market of about 550 million people, creating entirely new opportunities for growth and expansion.
Baloyan also said the acquisition of the controlling stake in LON continues the group’s international expansion strategy launched three years ago. Ineco Group is already active in more than 10 markets, from Central Asia to the European Union, and aims over time to make its services and products available to millions of clients.
Hranilnica LON had earlier also issued an official statement on the deal. The bank’s CEO, Dr. Imre Balogh, said the transaction is important for LON’s дальнейшее development, adding that it will help strengthen the bank and create new growth opportunities both in Slovenia and across European Union markets.
Ineco Group CJSC is a group of companies providing financial services in Armenia. Its businesses include one of Armenia’s largest banks, Inecobank, investment services provider Dimension Investments and Highway, one of the region’s leading IT companies.
Founded in 1992 and headquartered in Kranj, Hranilnica LON d.d. is Slovenia’s 11th largest commercial bank, with total assets of about 350 million euros. The bank serves around 20,000 clients through a nationwide branch network and modern digital platforms, offering banking services to individuals, small and medium-sized businesses and corporate clients.
LON’s business model is built on financial stability, effective credit risk management and maintaining a strong capital position.
