IBEC Kicks Off New Stage

On 16 April 2018 the headquarters of the International Bank for Economic Co-operation (IBEC) in Moscow were visited by Sergey Storchak, Deputy Finance Minister of the Russian Federation, Head of the Russian Federation’s Delegation to the IBEC Council. Mr. Storchak took part in the meeting of the Bank’s Board and introduced new Chairman of the IBEC Board Mr. Denis Ivanov.

Sergey Storchak thanked the Bank’s shareholders for their unanimous support of the proposal by the Government of the Russian Federation on nomination of the new Chairman of the IBEC Board.

Moreover, Mr. Storchak expressed gratitude to Irina Golovchenko for laying the groundwork for further progress of the Bank and noted that IBEC is switching to a new chief executive in stable condition, is open to cooperation and collaboration, while the Bank has potential, and the new management’s objective is to unlock this potential.

Denis Ivanov told the audience about his plans for the Bank’s future development and the formation of an advanced specialised financial institution, the objective of which is to boost the export potential of the member states and to make a tangible contribution to the economic development of all shareholders. Serious work lies ahead as the Bank’s team aims to take the Bank to a new quality level. These plans include developing a product line alongside an intensive growth of the portfolio operations as well as upgrading business processes and corporate governance in line with the best international practices of development banks.

Building a clear business profile for IBEC and dynamic development of its activities were cited among the Bank’s long-term priorities. On behalf of the Government of the Russian Federation, Sergey Storchak voiced his support for the plans of IBEC’s new chief executive.

At the same time, the Deputy Finance Minister addressed the issue of IBEC’s cooperation with the International Investment Bank (IIB), since these two institutions have longstanding historical partnership relations. “I hope that the well-established ties between the IIB and IBEC will make it possible to benefit from mutual opportunities, strengthening the specialisation of both banks, while overlapping functions will be a thing of the past”, Sergey Storchak was quoted as saying.