IBEC Council supported Bank‘s modernization policy
The 133rd Council Meeting of the Bank was held at IBEC headquarters in Moscow. A report on 2018 results was reviewed and approved. During the discussion, the delegations of the Bank’s member states unanimously noted the high rates of implementation of the updated development strategy, the growth of key performance indicators of the Bank, positive dynamics in the structure of operations.
The Council made a number of decisions that will contribute to the development of IBEC business and quick decision-making. Following the needs of the market and the requests from the exporting member states, the Council extended the authority of the Board in terms of trade finance, which is the flagship product of the Bank as of today. The period, for which the Board is now authorized to approve transactions involving companies — non-residents of the member states — has been extended from 2 to 3 years. According to the Chairman of the IBEC Board Denis Ivanov, the decision of the Council will significantly accelerate decision-making process and increase the rate of building up the volume of operations aimed at supporting the development of export potential of the Bank’s member states.
The agenda of the Council meeting included both administrative issues and specific transactions implemented by the Bank for the benefit of its member states: the IBEC Council approved 2 trade finance transactions totaling EUR 23 mln. They are aimed at financing foreign economic operations of Polish companies, not only in the territory of the member states, but also in the CIS.
Also, during the Council meeting, the formalization of a number of the Bank’s corporate governance processes was completed, the Bank’s regulations were brought in line with modern realities and practices of other multilateral financial institutions.
The IBEC shareholders discussed further prospects for cooperation with the International Investment Bank (IIB), and given the active development of the Bank and its establishment as an independent financial institution, they confirmed the expediency of continuing and developing cooperation with IIB as two independent partner institutions.