with a famous heritage
October 22, 1963 – COMECON member countries established the International Bank for Economic Co-operation. Under the international treaty registered with the United Nations, the IBEC became the first international bank for cooperation of the USSR.
Created originally to serve the inter-state settlement of trade transactions between member countries, the IBEC has turned into a universal financial institution, the purpose of which is to promote foreign trade connections between the nations being the Bank’s member countries, between their banks, businesses, and institutions, as well as between banks, businesses, and institutions of other nations.
The IBEC’s authorized capital is 400 million euros, paid-up capital was increased by 13 million euros pursuant to the resolution of the 128st meeting of the IBEC Council in Moscow, Russian Federation, on 23 November 2016, and is presently 200 million euros.
The Bank has a wide network of correspondent banks in its member countries and other countries. IBEC combines strong positions on financial markets with international experience. The Bank's intergovernmental status ensures its financial stability and provides additional guarantees for its customers. IBEC guarantees the confidentiality of transactions, accounts and deposits of its clients and correspondents.
The long-term development strategy of IBEC provides further diversification of business due to the active development of new banking services. As part of the Bank’s efforts to achieve its strategic goals, IBEC will focus on the following objectives:
Dmitry Medvedev, Prime Minister of the Russian Federation, signed the Directive for including the International Bank for Economic Co-operation (IBEC) in the list of international financial organizations with securities admitted for placement and public trading in the Russian Federation. The document was published on 15 February on the official website of the Russian Government. Read more15 February 2018
On 13-14 December 2017, the 130th meeting of the IBEC’s Council – a meeting of the delegations of the member countries, which is devoted to ongoing and strategic issues of the Bank’s business, was held in Moscow. For the first time in the IBEC’s history, the exchange-traded bond program with total value up to RUB 70 bn was approved and the bond issue limit of up to RUB 3 bn or EUR 45 mln in 2018 was established. Read more15 December 2017