International Bank for Economic Co-operation

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

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