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:
Representatives of the International Bank for Economic Co-operation (IBEC) took part in the “PROSPECTS FOR THE CZECH EXPORT TO RUSSIA” Conference held in Zlin, the Czech Republic, on 25 October 2016. The Conference was arranged with the participation of the Czech Trade Promotion Agency (CzechTrade) of the Ministry of Industry and Trade of the Czech Republic.25 October 2016
On 21 September 2016, the 19th meeting of the Intergovernmental Russian-Vietnamese Commission on Trade-and-Economic and Scientific-Technical Cooperation was held under the chairmanship of Igor Shuvalov, First Deputy Chairman of the Government of the Russian Federation, and Trinh Dinh Dung, Deputy Prime Minister of the Government of the Socialist Republic of Vietnam.21 September 2016