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IBEC and IIB sign a Cooperation Agreement

On 4-5 June 2018 a delegation of the International Bank for Economic Co-operation (IBEC) headed by Denis Ivanov, Chairman of the Board, participated in the 109th Council Meeting of the International Investment Bank (IIB) which took place in Yaroslavl, the Russian Federation.

Participation of IBEC representatives in the IIB Council Meeting is a revival of a perennial historical tradition which permits to establish a transparent collaboration between the banks with a highly similar structure and interests of the shareholders.

During the IIB Council Meeting Chairmen of the Boards of the two banks counter-delivered speeches.

In his speech Denis Ivanov highlighted the importance of the moment and he stressed that the newest and a modern stage of relationship between IBEC and IIB had started which was aimed at a strategic synergy of the two banks’ activities in all aspects, both operational and logistical. He mentioned numerous opportunities which would open up for IBEC and IIB in the mode of mutual support and trustful relations, as between the banks and on part of both banks’ member states.

After the IIB Council Meeting Denis Ivanov, IBEC Chairman of the Board, and Nikolay Kosov, IIB Chairman of the Board, signed an Agreement on Strategic Co-operation and Partnership.

The topic of building up a partnership between IBEC and IIB was in the focus of multiple consultations and networking meetings during the IIB council Meeting when active discussions dwelled on a further active co-operation between the banks as well as on a possible creation of a banking Group preserving both institutions’ legal independence.

Besides, during the IIB Council Meeting IBEC representatives had a meeting with delegations from Hungary and Cuba (the countries which are not among IBEC’s shareholders but which are IIB member states) and discussed issues of a possible IBEC co-operation with these countries.

IBEC and IIB agreed to continue a deep dive into the issue of collaboration between the banks. The topic is supposed to be reviewed during the regular IBEC Council Meeting at the end of June 2018 in Bratislava, the Slovak Republic.

‘It is clear that to co-exist and actively operate the two banks should have complementary business profiles’, Denis Ivanov stated,

‘Prompt decision-making by shareholders on the guidelines for integration of IIB and IBEC on the basis of preserving their legal independence will make it possible to solve a whole range of legacy issues facing both banks in a completely different manner’, Nikolay Kosov stressed.