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

15 May 2019
IBEC received BACEE Award for International Partnership

IBEC received BACEE Award for International Partnership

Banking Association for Central and Eastern Europe (BACEE) emphasized long-term partnership with International Bank for Economic Cooperation by the honorary diploma BACEE Award for International Partnership. Award presentation took place on the sidelines of the traditional 38th BACEE Banking Conference in Budapest in the first decade of May.   Read more

13 May 2019
As part of the first visit to Moscow in 55 years, the Secretary-General of UNCTAD met with the Chairman of the IBEC

As part of the first visit to Moscow in 55 years, the Secretary-General of UNCTAD met with the Chairman of the IBEC

During the visit of UNCTAD delegation to Moscow, a meeting was held between UNCTAD Secretary General Mr. Mukhisa Kituyi and the Chairman of the Board of the International Bank for Economic Co-operation (IBEC) Mr. Denis Ivanov. Representatives of the Ministry of Economic Development of the Russian Federation, as the party that hosted the UNCTAD delegation, also took part in the meeting.   Read more

07 May 2019
IBEC continues to actively support foreign economic operations between member countries

IBEC continues to actively support foreign economic operations between member countries

International Bank for Economic Co-operation carried out new trade finance operations for the total amount equivalent to USD 1 million and all-in tenor from 2 up to 12 months, including deals aimed at support of foreign trade between IBEC member states. Trade related loans were provided based on the Master Financing Agreement between IBEC and Golomt Bank (Mongolia).   Read more