In the context of its Trade advisory activity, BNP Paribas UAE organized on Tuesday 5th December a conference on the new version of the Uniform Customs and Practices for Documentary Credits (UCP 600), which will replace the UCP 500 and enter into application as from 1st July 2007.
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 presentation focused on the changes in the new UCP 600 and their practical day-to-day applications in handling letters of credit and negotiation of relative documentation.
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 is 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. It combines knowledge of the markets, expertise on trade and the most advanced technologies.
Addressing the conference comprised mainly of 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 are delighted 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 has been 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 regional presence
BNP Paribas has been operating in the Gulf for over 33 years with a current presence in five Gulf countries (Bahrain, United Arab Emirates, Qatar, Kuwait and Saudi Arabia). BNP Paribas in the region is active in three of the core business lines of the Group.
- Corporate and Investment Banking (CIB)
- International Retail and Financial Services (IRFS)
- Asset Management & Services (AMS)
BNP Paribas Group Overview
An international financial services group, with solid roots in Europe, a significant and growing presence in the United States and leading positions in Asia.
- One of the largest international banking networks, present in over 85 countries
- A staff of 110,000 employees, including 80,000 in Europe
- BNP Paribas was voted the World's best Trade Finance Bank in 2005 by Global Finance
- The Group has three core businesses:
- Corporate and Investment Banking (CIB),
- Retail Banking, including French Retail Banking (FRB) and International Retail & Financial Services (IRFS),
- Asset Management & Services (AMS)
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© Press Release 2006
