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

Memorandum on Cooperation Signed with the Polish-Russian Chamber of Commerce and Industry

On 12 September 2017, the International Bank for Economic Co-Operation (IBEC) and the Polish-Russian Chamber of Commerce and Industry signed the Memorandum on Cooperation. On behalf of the International Bank of Economic Co-operation the document was signed by Ms. Irina Golovchenko, Board Chairman, and Ms. Lidia Anczakowska, Board Member, and on behalf of the Polish-Russian Chamber of Commerce and Industry – by Ms. Hanna Velgosh, Chamber President.   Read more

12 September 2017

IBEC Hosts the Official Delegation of Vietnam

On 11 September 2017, a meeting of the IBEC’s official delegation headed by Ms. Irina Golovchenko, Board Chairman of the International Bank for Economic Co-operation, with the delegation of the Socialist Republic of Vietnam headed by Mr. Nguyen Van Binh, Member of the Politburo of the Central Committee of the Communist Party of Vietnam, was held in the headquarters of the International Bank for Economic Co-operation (IBEC) in Moscow.   Read more

11 September 2017
All