State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ held an open workshop “Guarantees in the Modern Banking Practice”.

The following issues were iscussed at the workshop: standard forms of guarantees and issuance of guarantees, termination of guarantees, request for payment, transferability of guarantees, guarantee fraud as well as distinguishing features of guarantee practice in different countries, review of the unified rules for guarantees on demand and legal aspects of guarantees.

In the course of the workshop, representatives of Raiffeisen Zentralbank, Nordea Bank AB, the Iranian National Committee of the International Chamber of Commerce (ICC Iran), the State University – Higher School of Economics held their sectorial sessions in the form of master classes.

Open workshops help to establish closer contacts and share best practices between experts in documentary transactions from Russia and foreign financial institutions and makes it possible to explore new financial an business possibilities opening up in conducting documentary transactions.

The workshop aroused great interest among Russian banks. The following banks participated in the workshop; Bank Melli Iran – Moscow; Belvnesheconombank; VTB Bank; Roseximbank; the Russian Development Bank; the National Trade Bank; Gazprombank;CJSC UniCreditBank; Moscow; Uralsib; Bank Saint Petersburg; Khanty-Mansi Bank; the National Reserve Bank; Bank ZENIT; Bank of Moscow; the IBRD; G.P. Morgan Bank International; Moscow; Reiffeisenbank Moscow; EuroFinance;Mosnarbank; Loko-Bank; Svyaz-Bank; Trust-KB; Slavinvestbank; Bank Russian Standard; All-Russian Regional Development Bank (VBRR).

Vnesheconombank holds conferences and workshops for partner banks on a regular basis: in 2007 Vnesheconombank held a workshop on syndicated lending. An annual conference “Topical Issues of Trade Financing in Russia which has been held since the year 2005 has become traditional and is a significant event in the banking community.

This July it will be ten years since Vnesheconombank became a member of the International Chamber of Commerce. Today the Bank is an active participant in the process of unifying international banking practice: Financial Institutions Department Director Alexandr Zelenov participated directly in writing a new revision of the Uniform Customs and Practice for Documentary Credits and the Uniform Rules for Reimbursement.

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru