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

27 Nov 2018
IBEC continues to support pharmaceutics

IBEC continues to support pharmaceutics

On 26 November 2018 the International bank for economic co-operation (IBEC) issued counter-guarantees to OTP Bank which in its turn issues guarantees to the ophthalmologic company Alcon (Russia).

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23 Nov 2018
International Bank for Economic Co-operation gives gala reception on its 55th anniversary

International Bank for Economic Co-operation gives gala reception on its 55th anniversary

The International Bank for Economic Co-operation (IBEC) hosted a gala reception at its Moscow headquarters on the 55th anniversary of its foundation.

The event was attended by Russian Deputy Foreign Minister Grigory Karasin, Russian Deputy Finance Minister Sergey Storchak, VEB Chairman Igor Shuvalov, IIB Chairman Nikolay Kosov, representatives of the IBEC member countries’ embassies to Russia and leading international financial institutions, executive officers of IBEC partner institutions and companies, corporate customers, the management of the IIB and the IBEC, as well as former IBEC Chairman Vitaly Khokhlov.

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