The International Bank for Economic Co-operation has received two awards from the British media portal Global Banking & Finance Review. IBEC became a winner in the following nominations "Banking CEO of the Year Eastern Europe 2021" and "Best Trade Finance Bank Eastern Europe 2021".
The Awards were created in 2011 and aim to recognize companies which are prominent in particular areas of expertise and excellence within the financial world. Having started the implementation of the new Development Strategy for 2021-2025 at the end of last year, IBEC is consistently increasing the volume of operations, developing product lines and the quality of services provided.
Trade finance, which is quite unique for international financial organizations, has become one of the key business areas for the Bank. The complex of financial services (from standard guarantees and letters of credit to participation in supply chain financing and forfeiting transactions), coupled with the synergistic effect of implementing trade finance transactions in partnership with other market participants, contributes to the development of international trade and export-import operations between the IBEC member countries and wider, in the area of the Bank's geographical presence. The awards received by the Bank testify to the correct choice of business strategy and the relevance of the entire product line. It is worth noting that in only 10 months of 2021, IBEC ensured the implementation of trade finance transactions worth more than EUR 120 million in equivalent, including sustainable trade finance. The geography of transactions extends to 4 continents – from Asia to Latin America, covering more than fifteen countries.
Among the noteworthy deals in 2021 – food supply chain financing for a large international company in Czech crowns, Polish zlotys, Romanian lei, euros, with a reverse factoring mechanism, guarantees and letters of credit to ensure the supply of scientific equipment under the programs of the Joint Institute for Nuclear Research, financing export of radio electronic equipment from Slovakia, transport and power equipment from the Czech Republic, procurement of pharmaceuticals from the largest European suppliers.
The choice of IBEC as an Award Winner is a recognition of the successful reform of the Bank, launched in 2018 by a new team of managers. Denis Ivanov, having come to the position of the Chairman of the Management Board, offered shareholders such a program for restarting and developing IBEC, which, given the differences in the socio-economic structures of the member states, became promising and interesting for all the IBEC shareholders. The diplomatic background and financial professionalism of the new head of the Bank made it possible to harmonize the political and economic tasks of all participating countries, find a new and promising business niche for IBEC, combining modern market demands and the half-century history of the Bank. Against the background of two difficult years for the world economy in the context of a pandemic, IBEC has demonstrated its relevance as a multilateral development institution that implements the tasks of sustainable development that are urgent in the 21st century and contributes to the solution of both global infrastructure programs and specific business projects.
“The Awards we have been awarded reflect the serious work of our entire team and the quality of the products offered by IBEC, and in terms of the volume of operations, it is an advance that we will certainly justify in the very near future, for the benefit and with the support of all our member states,” – commented on the high marks IBEC activities Chairman of the Management Board Denis Ivanov.