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:

  • 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

The International Bank for Economic Co-operation has submitted the best offer for opening of non-revolving credit facility for financing of investment expenditures under the project of reconstruction to be performed by JSC Ufa International Airport. The agreement provides for opening of a credit facility in the amount of 1 billion RUB with a maturity in 10 years. Implementation support of infrastructure projects in the IBEC’s member countries is one of the Bank’s business priorities.

04 May 2017

On 3 May 2017, Mr. Alexander Janeczek, President of the Management Board of the Polish Business Club, visited the headquarters of the Bank by invitation of Ms. Irina Golovchenko, Chairman of the IBEC’s Board. The visit was confined to the National Holiday of the Republic of Poland on the occasion of the adoption of the Constitution. The parties agreed upon the cooperation, in the context of which Polish companies and businessmen will have the opportunity to become Bank’s clients and expand geography of their business with support of the international financial institution, and the Bank as part of its strategy will promote strengthening of economic relations of Polish business with enterprises and organizations of the Bank’s member countries and other countries, in particular providing account management.

03 May 2017
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