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 March 22, 2017, International agency Fitch Ratings assigned to the International Bank for Economic Co-operation investment-grade ratings: long-term BBB-, with a stable outlook, and short-term F3. The credit rating was received by IBEC for the first time in the Bank’s history. Obtaining of an international investment-grade rating was made possible due to the Bank comprehensive renewal program which has been implemented since the beginning of 2016. This program is based on the IBEC Development Strategy until 2020 which is intended to reinforce IBEC’s position as a multilateral development institution.22 March 2017
On 14 March 2017, a meeting was held at the headquarters of the International Bank for Economic Co-Operation between the IBEC’s Board headed by I.V. Golovchenko, Chairman of the Board, and the representative delegation of the Slovak Republic headed by Mr. Lukas Parizek, State Secretary of the Ministry of Foreign and European Affairs of the Slovak Republic.14 March 2017