IBEC strengthens its Asian presence
International Bank for Economic Co-operation is actively developing business in the Asian region. The bank has already implemented the second deal since the beginning of the year with the Vietnamese Saigon-Hanoi Commercial Joint Stock Bank (SHB).
An import letter of credit was funded in the amount of about $ 1 million for the supply of Russian petrochemical products to Vietnam. This is a new sector for the bank within Vietnam - sectoral diversification of business is a significant factor for IBEC in increasing the volume of trade finance operations.
SHB is among the most active IBEC partner banks in foreign trade operations supporting in the area of the participating countries. Under the General Agreement, banks have already implemented a package of transactions for more than $ 30 million in total.