A meeting was held at BCCI with representatives of the International Bank for Economic Cooperation (IBEC), based in Moscow. Tsvetan Simeonov, President of BCCI and Vladimir Tomov, Member of the BCCI’s Management Board and President of the Investment Council at the Chamber, had the opportunity to speak with Boyko Kotsev, Member of the IBEC Management Board, and Alexandra Matveeva, Head of “Clients Relations” at the Bank.
IBEC is among the members of the BCCI’s Investment Council. The main purpose of the bank is to assist Member States in conducting commercial operations by establishing economic links between organizations from these countries and providing a full package of banking services. The priority areas of IBEC's activity are trade finance operations, targeted financing to support import and export operations between Member States, including operations with third countries, and national trade operations, corporate clients lending /credit services/ and counterparty services, mainly by the Member States of the bank. The IBEC strategy in recent years has focused on foreign trade as the main business line.
In 2021, the bank placed in Bulgaria a debut unsecured bond issue with a total nominal value of BGN 68 million, with a three-year maturity (maturity in 2024), an interest rate coupon of 1.15% per annum, and a CCC rating (issued by Fitch Ratings). Leading managers of the issue are two banks operating in Bulgaria. More information here
Representatives of the bank took part in the International Conference "Financial Support for SMEs - SIMExpo 2021", which was held on September 28-29 in Sofia.
Mr. Simeonov agreed with the partners that a separate event should be organized for the presentation of IBEC to the members of the BCCI.