Background

IBEC Council summed up the development of the bank in 2019 and outlined new prospects

At the end of November, the 134th meeting of the Council, the highest governing body of IBEC, was held in Vietnam. Ms. Nguyen Thi Hong, Vice-governor of the State Bank of Vietnam opened the Council meeting with welcome speech. During the meeting, key issues of the bank's development were considered. First of all, the implementation of the updated strategy of the bank was analyzed and approved, preliminary results of the 2019 were summed up. According to the results of 10 months, the Bank's loan and documentary portfolio for the first time exceeded 300 million euros, and the bank's assets exceeded the mark of 500 million euros.

Members of the Council noted with satisfaction both the quantitative growth of operations and the expansion of the financial instruments offered by the bank, their demand by customers. The geographical diversification of business operations and the focus on the multilateral nature of transactions were specially emphasized. The Chairman of the IBEC Board, Denis Ivanov, in his speech underlined that the bank pays special attention to the development of cooperation between the participating countries, primarily through the development of export-import operations.

During the meeting, the budget for 2020 was reviewed and approved, which fully reflects the high rates of the bank’s development, consistent with the ambitious goals defined in the banking strategy. The dynamic growth of IBEC is reflected in the consent of the Council to increase the number of staff.

Also, the Council examined the progress and suggestions on updating the constituent documents of the bank. It was decided to continue work on amendments that would make it possible to comply with the best practices of multilateral development institutions.

Summing up the meeting, the head of IBEC, Mr. Ivanov, expressed gratitude to the State Bank of Vietnam for assistance in organizing and conducting the Council, as well as for the business forum held on the eve of the Council meeting.

 

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