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 58 million euros pursuant to the resolution of the 121st meeting of the IBEC’c Council in Bratislava, Slovakia, on 5 June 2013, and is presently 187 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

Please, be informed that International Bank for Economic Co-operation has made the changes to the General Terms and Schedule of Fees in Respect of Services for Legal Entities (Non-Bankers) (hereinafter – «the General Terms»). Starting from 15.08.2016 foreign exchange transactions are executed without fee (commission).

04 August 2016

The 127th meeting of the supreme management body of the International Bank for Economic Co-operation - the IBEC’s Council was held in Moscow on 8 June 2016. The meeting of the IBEC’s Council was attended by delegations of all Bank’s member countries. Mrs. Dao Thuy Hang, Head of the delegation of the Socialist Republic of Vietnam, chaired the meeting in order of precedency.

08 June 2016
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