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:
On 16 April 2018 the headquarters of the International Bank for Economic Co-operation (IBEC) in Moscow were visited by Sergey Storchak, Deputy Finance Minister of the Russian Federation, Head of the Russian Federation’s Delegation to the IBEC Council. Mr. Storchak took part in the meeting of the Bank’s Board and introduced new Chairman of the IBEC Board Mr. Denis Ivanov. Sergey Storchak thanked the Bank’s shareholders for their unanimous support of the proposal by the Government of the Russian Federation on nomination of the new Chairman of the IBEC Board. Read more16 April 2018
International Bank for Economic Cooperation (IBEC) announces the appointment of Denis Ivanov as the Chairman of the Board. Ivanov’s nomination was initiated by the Government of the Russian Federation and unanimously supported by shareholder countries of the bank. Read more16 April 2018