BNP Paribas UAE organized a conference on the new version of the Uniform Customs and Practices for Documentary Credits (UCP 600) which comes into force from July 1, 2007, replacing UCP 500.
The conference, held recently in Hilton Abu Dhabi, was part of the bank’s Trade advisory activity.
The presentation focused on the changes in the new UCP 600 and their practical day-to-day applications in handling letters of credit (LCs) and negotiation of relative documentation.
The UCP consists of a set of comprehensive terms and conditions governing the handling of documentary credits by banks. It is published by the International Chamber of Commerce (ICC) and adopted by banks worldwide.
The conference comes a few months before the UCP 600 entering into force and aims at explaining the practical measures to be taken into consideration by businesses using documentary credits in the aim of anticipating changes and applying these new terms & conditions on time.
This event was part of BNP Paribas’ endeavor to provide quality services and advice to its customers with regards to Trade Finance activities. BNP Paribas is an established authority in terms of financing trade activity worldwide and advising traders on effective solutions to minimize risk and optimize profit.
BNP Paribas clients enjoy the support of 170 Trade professionals in 84 countries thanks to the BNP Paribas Trade Center global network. The network combines knowledge of the markets, expertise on trade and the most advanced technologies.
Addressing the conference which had mostly BNP Paribas UAE corporate clients, Michael Pereira, Country Head, BNP Paribas UAE, said: “Trade Services remains one of the cornerstones of our activities in the Gulf region, which continues to witness the ambitious growth for our various business lines. Our Trade Center in Dubai is the largest amongst BNP Paribas Trade Centers in Europe and the Middle East. We feel privileged to be able to arrange one of the first such conferences in Dubai for our corporate clients to discuss the UCP 600 changes and their impact on their regular trade business.”
The conference was addressed by Philippe Vexlard, Head of Europe, Gulf and Egypt, Global Trade Services, BNP Paribas, and Patrick Creis, Engineering & Technical Advisor, Global Trade Services, BNP Paribas.
BNP Paribas has been operating in the Gulf for over 34 years offering the expertise of all core businesses through its 6 branches, Bahrain, Kuwait, Qatar, UAE (Abu Dhabi & Dubai) and Saudi Arabia. With its regional management based in Bahrain since 2001, BNP Paribas in the Gulf region accounts approximately 450 employees.
BNP PARIBAS GROUP
BNP Paribas is a European leader in banking and financial services. BNP Paribas is the first bank in the Euro zone in terms of net income. The group has one of the largest international banking networks, with a presence in more than 85 countries with around 140,000 employees, including 110,000 in Europe. BNP Paribas enjoys key positions in its three core businesses: Corporate and Investment Banking, Asset management & Services and International Retail Banking and Financial Services.
