The successful completion of IIB relocation to Budapest and acquisition of the European SWIFT code (IIBMHU22) gave a strong impetus to further growth of the Hungarian trade finance portfolio and to geographic diversification of borrowers in Eastern Europe.

One of the Bank’s landmark transactions within the IIB Trade Finance Support Program (TFSP) was the issuance of IIB's guarantee against the counter guarantee of one of the leading Hungarian banks in favor of a Luxembourg electricity allocation platform for the EU countries.

IIB guarantee ensures uninterrupted payments of the Hungarian electricity producing company for the access to energy transmission networks. This guarantee is subject to the Hungarian law and the “Uniform Rules for Demand Guarantees” (2010 edition, Publication of the International Chamber of Commerce No. 758).

Through the TFSP, IIB also actively supports the supply of pharmaceutical products to its member states and third countries.

“High international credit ratings, successful completion of the Bank’s relocation to Europe, steadily growing level of trust of the international financial community - all this allows us to successfully develop TFSP,” said the Deputy Chairman of the Bank’s Board Georgy Potapov, “today IIB offers a wide range of trade finance products under very favorable and competitive conditions to financial institutions of Hungary and other member states, which allows us to dynamically increase the volume of trade finance support”.