with a famous heritage
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:
On 28 September 2018 at the headquarters of the International bank for economic co-operation (IBEC) in Moscow formal signing of two bank guarantees took place. IBEC issued counter-guarantees to OTP Bank aiming at OTP Bank issuing guarantees to the core suppliers of LLC «Grand Capital Capital»: Gedeon Richter Plc. – RUS in the amount of 150 mln rubles and Sandoz Plc. (Russia) in the amount of 260 mln rubles. The implemented transaction is aimed at supporting the pharmaceutical industry and will become a part of the IBEC ‘Development portfolio’. Read more
25 and 26 September 2018 International Bank for Economic Co-operation conducted two new trade finance operations, associated with targeted financing of JSC Belagroprombank in the total amount of EUR 6 million. Read more