The International Bank for Economic Co-operation was established on October 22, 1963 under the international treaty registered with the United Nations Secretariat. The Bank's member countries are: the Republic of Bulgaria, the Socialist Republic of Vietnam, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Czech Republic.

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:

  • developing credit activities in IBEC through the Bank’s involvement in joint projects with organizations and businesses in the IBEC member countries, and by examining the issue of setting representative offices in the Bank’s member countries;
  • expanding the client base through higher quality and wider range of products and services offered by the Bank;
  • further interaction with other international banks for development that operate in the IBEC member countries, regarding such institutions as partners on the way towards sustainable economic growth of the Bank’s member countries.

News

21 Jun 2019
IBEC expands portfolio of documentary operations

IBEC expands portfolio of documentary operations

IBEC added confirmation on two letters of credit issued by Belagroprombank OJSC (Belarus) in favor of Russian suppliers of agricultural products. The total amount of letters of credit is more than 83 million Russian rubles (about 1.1 million euros in the equivalent). The use of the Russian ruble as transaction currency reflects IBEC course for more active use of member states currencies. Having ample opportunities for cross-country payments in national currencies, IBEC provides its clients with additional protection against exchange rate risks, reducing transaction costs and simplifying implementation of foreign economic operations.   Read more

19 Jun 2019
Meeting at the Ministry of Finance of the Republic of Bulgaria

Meeting at the Ministry of Finance of the Republic of Bulgaria

A substantive dialogue with the leaders of the economic bloc of the Bulgarian government continued in the Ministry of Finance of the Republic of Bulgaria. IBEC head, Denis Ivanov, informed the Minister, Mr. Vladislav Goranov, and the head of the Bulgarian delegation in the IBEC Council, Ms. Marinella Petrova, about the Bank's transformation program and the positive dynamics of business indicators. The results of the May Council Meeting in Moscow, where the Council approved the new course of IBEC development, were also highlighted.   Read more

19 Jun 2019
Bulgarian government supports IBEC development

Bulgarian government supports IBEC development

The delegation of International Bank for Economic Cooperation, headed by the Chairman of the Board Denis Ivanov, during the business trip to Bulgaria paid visits to relevant national ministries – Ministry of Economy and Ministry of Finance.   Read more