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International Bank for Economic Co-operation

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International Bank for Economic Co-operation

Overview:

The International Bank for Economic Co-operation, established in 1963, is headquartered in Moscow, Russian Federation.

The Bank's member countries are: the Republic of Bulgaria, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Czech Republic.

In accordance with a decision of the Council of the IBEC the Bank's Balance Sheet has been kept in euros. The IBEC's authorized capital is 400 million euros, and its paid-up capital is 143,5 million euros.

The Bank has a broad network of correspondent banks in the IBEC member countries as well as in other countries. The charges for the services provided by the Bank is on a level with the standards accepted in international banking practice. The payment orders are effected within 24 hours.

The IBEC guarantees confidentiality in respect of its customers' accounts and deposits.

History:

History of the Bank
Stage 1. Maintaining international trade relations

Up to the nineties the IBEC effected international settlements under foreign trade operations among its member countries.

Simultaneously the IBEC credited reciprocal foreign trade deliveries granting its member countries short-term loans (up to 3 years).

To enable to do that the Bank attracted the funds in convertible currencies from the international finance markets and placed them with the Banks of member countries. The volume of the IBEC operations in the above currencies in that period of time amounted to about USD 3.000.000.000.

The Bank's profit was more than one billion ECU for the 1964-1990 period. Roughly 44% of that sum, about a third of which was in convertible currencies, was distributed among the IBEC member countries. The sum of the distributed profit exceeded three times the contributions of the member countries into the Bank's authorized capital.
Stage 2. The Bank activity in the conditions of transition to a market economy

Since 1991 the basic goal of the Bank activity has been promoting the development of foreign economic relations among economic entities of its member countries as well as those among economic entities of other countries.

By the end of 1992 the IBEC had rendered banking services to 174 commercial banks, to 278 Russian enterprises, including those with foreign participation, and to foreign firms and enterprises. It had opened about 900 current accounts for its customers. By their orders IBEC performed collection and L/C operations issuing guarantees in cover of clientele obligations.
Stage 3 The Bank's Current Activities

Beginning with 2004, having met its liabilities in respect of Western lenders, the Bank has been given a big boost to its activities and is, at present, a universal finance institution that conducts operations in various segments of the financial market and renders services to corporate customers regardless of forms of ownership and the nature of their business.

The IBEC's customers — banks, enterprises and organizations are provided with various kinds of banking products and services: cash and settlement services; different types of crediting; documentary operations; operations on money and foreign exchange markets.

At the same time provision of loans to corporate customers and contractor servicing, in particular the ones belonging to Bank's member countries, is one of the Bank's priorities

Swift/BIC: IBECRUMM

Telex: 411391 MZBKRU

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