16 April 2007
International Chamber of Commerce Commission (ICC) rules for trade in banking industry

Standard Chartered Bank, one of the leading international bank's in the UAE, recently organised a seminar for GCC representatives from the banking and business industries on UCP 600 (ICC Uniform Customs and Practice for Documentary Credits 2007 Revision). The UCP remain the most successful set of private rules for trade ever developed and Standard Chartered will be one of the pioneer banks globally to be UCP 600 ready.

Presented by Gary Collyer, a former technical adviser to the International Chamber of Commerce's Commission on Banking Technique, the seminar was part of the global roll-out of banking trade practices adopted by Standard Chartered worldwide. The objective of this seminar was to ensure that clients were fully aware of the changes in UCP 600 before the changeover form UCP 500 on 1st of July, 2007.

"This was a unique opportunity to learn about the technical aspects of the UCP 600 rules will assist us in preparing ourselves for the imminent changeover," stated a participant representing a multinational Oil & Gas sector company based in the UAE, "In particular, it was useful obtaining this information direct from a person who was actively involved in the preparation of these rules."

The Uniform Customs and Practice for Documentary Credits (commonly called as UCP) were first established by ICC in 1933. This revision of the UCP is the sixth revision of the rules since they were first promulgated in 1933 and is the fruit of more than three years of work by the International Chamber of Commerce's (ICC) Commission on Banking Technique and Practice.

Gary Collyer was the Chairman of the UCP 600 Drafting Group and is a recognised trade expert whose past roles include that of technical adviser to the ICC. During this time he was instrumental in the deployment of the e-UCP, held the position of Chairman of the ICC Working Group for the development of ISP98 and was also responsible for the strategy for a revision of UCP500.

Standard Chartered has been working with Gary Collyer and will continue to work with him until mid-February 2008, in preparation to be UCP 600 compliant. This was a unique opportunity for Standard Chartered's customers to interact with the Chairman of the UCP600 drafting committee, a subject matter expert, and to further understand the nuances of UCP600. SCB will be also providing an e-learning CD to their clients from June onwards which gives an overview of the UCP 600.

ICC, established in 1919, has as its primary objective facilitating the flow of international trade at a time when nationalism and protectionism posed serious threats to the world trading system. It was in that spirit that the UCP were first introduced - to alleviate the confusion caused by individual countries' promoting their own national rules on letter of credit practice.

The objective since attained was to create a set of contractual rules that would establish uniformity in that practice, so that practioners would not have to cope with a plethora of often conflicting national regulations. The universal acceptance of UCP by practioners in countries with widely divergent economic and judicial systems is a testament to the rules success.

-Ends-

Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.

Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.

As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.

With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.

Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.

Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.

Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.

For more information on Standard Chartered, please log on to www.standardchartered.com

For further information please contact:
Niall McLoughlin
Regional Head of Corporate Affairs,
Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
Email: niall.mcloughlin@ae.standardchartered.com

© Press Release 2007