IBEC has started the implementation of the Bratislava Concept of the IBEC further development: increasing the product line and geography of the operations
On July 10, 2018 the IBEC issued an irrevocable reimbursement undertaking (IRU) upon the authorization received from one of the largest Belarusian banks in favor of the leading European financial institution as a claiming bank. This IRU transaction is aimed at supporting the exporter from Czech Republic which is one of the member countries of the IBEC.
This is the first time bank-to-bank reimbursement under Documentary Credits transaction in a number of the Bank's rapidly growing portfolio of documentary transactions and Trade Finance, as well as the first Trade Finance operation with the third country party.
Thus, the Bank has started to implement the concept of further development approved by the Council of the IBEC in terms of expanding the range of services both in terms of new products and in terms of the geography of operations.