History of the Bank

1963 – The Council for Mutual Economic Assistance (CMEA), an intergovernmental economic organization established in 1949 at an economic conference by the decision of representatives of Bulgaria, Hungary, Poland, Romania, the USSR and Czechoslovakia, makes a decision to create an international financial institution.

On October 22, 1963 the CMEA member countries established the International Bank for Economic Co-operation, which became the first international bank of the former USSR, in accordance with international agreement registered with the United Nations. The Bank’s aims were to facilitate the implementation of mutual commitments on supply shipments of CMEA member countries and their economic co-operation with other countries by means of multilateral settlements in transferable rubles and convertible currency.

November 1963 – The first meeting of the IBEC Council approves the rules and procedures of multilateral settlements, as well as the procedure for granting and repayment of loans.

January 1, 1964 – The collective currency of the CMEA countries – the transferable ruble – is introduced, as well as the multilateral system of payments in that currency by IBEC, replacing the previously used system. IBEC’s authorised capital is set at 300 million transferable rubles.

1966 – The order of settlements in transferable rubles between IBEC member countries and other countries is adopted.

1968 – A significant document in the history of international trade, regulating its most important issues of purchase and sale – “General conditions of goods shipment between CMEA member countries’ organizations”, is developed.

July 1970 – In order to expand the activities of IBEC, the Council of the Bank decides to increase the share of authorised capital in gold and convertible currency.

1974 – The Republic of Cuba becomes an IBEC member country.

1977 – The Socialist Republic of Vietnam becomes an IBEC member country.

1985 – The Bank expands the number of operating currencies. The volume of transactions in the Japanese yen is increased; the Bank begins to conduct individual transactions in ECU.

1986 – IBEC begins to purchase and sell securities.

1987 – IBEC begins to conduct new operations, such as “interest rate swap” and “an agreement on the future interest rate”.

1988 - IBEC becomes a member of SWIFT and SEDEL (International clearing house for the settlement of securities transactions).

December 1990 – The Council decides, from January 1, 1991, on the termination of the system of multilateral settlements in transferable rubles and transition to mutual payments in convertible currencies. Starting from January 1, 1991 IBEC’s balance currency is the ECU. IBEC’s authorised capital is 400 million ECU.

August 1991 – IBEC is admitted as a member of the Centre of interbank foreign exchange operations of the State Bank of the USSR – Currency Exchange (later Moscow Interbank Currency Exchange).

September 1991 – construction of the Bank’s office building, in a unique banking complex with magnificent architecture and original design solutions, as well as advanced engineering equipment, is completed.

By mid-1992 IBEC has a wide regional network of correspondent banks in Eastern Europe with accounts opened in IBEC.

1994 – IBEC joined the Association of Russian Banks.

1996 – IBEC becomes a full member of the Banking Association for Central and Eastern Europe.

January 1, 1999 – Euro becomes the Bank’s currency of balance.

2002 – “Concept of IBEC activities’ development” is introduced, providing for the implementation of complex economic and organizational measures for the improvement of all aspects of the Bank's further strategic activities, further strategic development and adoption of a qualitatively new level of performance.

2007 – The mutual financial relations between IBEC and the Russian Federation, the legal successor of the former USSR, are settled.

2008 – IBEC’s medium-term development strategy for the period from 2009 to 2011 is approved with the aim of creating a resource base for the formation of IBEC as a modern international institution.

2011 – As a result of successful implementation of the medium-term development strategy, the long-term development strategy of International Bank for Economic Co-operation for the period from 2012 to 2016 is approved, designed to promote qualitative transformation of IBEC activities, specifically the construction of a modern operating model of the Bank, the introduction of banking information technologies conforming to the world-wide standards, and IBEC’s participation in the global financial markets.

2012 – IBEC joins the Asian Bankers’ Association.

2013 – The mutual financial relations between IBEC and the Republic of Cuba are settled.

2014 – One of the founders of the Open Joint Stock Company "Moscow Exchange MICEX-RTS", that kept its share-holder status until June 2014.