News

International rating agency Moody’s Investors Service Ltd. (Moody’s) has assigned a first-time «Baa3» foreign currency long-term issuer rating to the International Bank for Economic Co-operation (IBEC) with the stable outlook. This is the second investment level rating obtained by the bank after the start of the implementation of the updated development strategy and new business profile. In March 2017, Fitch Ratings assigned a long-term rating of BBB-, with a stable outlook, and a short-term rating of F3.

In 2019, International Bank for Economic Co-operation continued to implement its updated development strategy, focusing on key business areas (trade and syndicated financing, the SME sector and the green economy support, interbank settlements). By the end of the year, the Bank’s assets exceeded € 650 million, showing growth of more than 61% since the beginning of the year.

IBEC has issued reimbursement obligations under two letters of credit of Belarusbank for a total amount of 15.5 million euros. The commitment period is two years. The performing and confirming bank for letters of credit is German Commerzbank, which participates in joint transactions with IBEC on a regular basis.

International Bank for Economic Cooperation opened the 2020 business season with partners in the Asian region by a deal with Vietnamese Saigon-Hanoi Commercial Joint Stock Bank (SHB), following up its New Year activity in the Asian direction. The business forum held under the auspices of IBEC in November in Hanoi was the starting point for the development of new business contacts, which gradually grow into real projects and deals, as well as the intensification and strengthening of practical cooperation with existing partners of the bank.