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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.
IBEC funded USD 5.9 million letter of credit for the supply of agricultural products. In a short time, SHB has become one of the significant partners in the key trade finance operations sector for IBEC. Since the signing of the General Agreement at the end of 2018, the volume of transactions between the two banks has reached USD 29 million.
Important fact is that all these transactions are aimed at supporting and expanding the foreign trade turnover of the IBEC member states. Under this task, the bank builds its product line, striving to provide the most comfortable and efficient service to both its counterparty banks and end customers - participants of trading operations.
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