News

The International Bank for Economic Co-operation is actively developing operations with off-balance sheet documentary instruments. IBEC confirmed a letter of credit issued by OJSC Belagroprombank in the amount of 221.1 million rubles. Banks took into account a number of special requirements of the client concerning the transaction, demonstrating a flexible customer-oriented approach, which is an important advantage of IBEC in the sector of trade finance operations.

The International Bank for Economic Co-operation continues to actively develop instruments to support foreign trade operations of its clients. IBEC acted as a reimbursing bank under a letter of credit issued by Golomt Bank(Mongolia), providing financing for the supply of food products to Mongolia from Poland. This operation ensured the implementation of the contract between the two member countries of the Bank, demonstrating the effectiveness of the financial infrastructure which is being created by IBEC for its clients.

Cooperation between International Bank for Economic Co-operation and National Factoring Company bank, one of the largest Russian players in this sector of financial services, continues its active development. Another transaction was implemented — to finance factoring payments for a period of 3 months.

The International Bank for Economic Co-operation continues its active policy of supporting economic cooperation in the Eastern European region. At the end of September, two more trade finance transactions with Belagroprombank were implemented. Their total amount is about 1.1 million euros with the comfortable for participating companies period of 1 year.