Background

IBEC expands its resource base: EUR 10 million loan from RBI Group

International Bank for Economic Co-operation signed a loan agreement with Austrian Raiffeisen Bank International AG (RBI). RBI will provide IBEC with 10 million euros for a period of 2 years. The funds will be used in the key IBEC business profiles in accordance with the Bank’s updated development strategy. First of all, to increase trade finance operations, which is now one of the priorities and successful business lines and almost completely covers the geography of IBEC presence.

This is the second time when IBEC has raised external funds recently. In October, the bank first entered the market by placing a debut bond issue on the Moscow Exchange. The loan agreement with RBI following the successful issuance of debt securities confirms the reputation of IBEC as a high-quality and reliable borrower. RBI regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe as its home market. 13 markets of the region are covered by subsidiary banks.

Denis Ivanov, Chairman of the IBEC Board, expressed satisfaction with the way the bank is building its credit history. “Raiffeisen is and one of the most reliable and strategic partners for IBEC. We cooperate with the RBI Group in our member countries in various business areas and highly value the current level of interaction and trust. The signed agreement will serve to strengthen and develop our mutually beneficial relations”, - Mr. Ivanov emphasized.

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