Sberbank (Switzerland) AG deploys MIT’s CREDOC & TRAC software for its commodity trade finance business
Sberbank (Switzerland) AG has deployed MIT’s middle to back-office Trade Finance platform. The contract was signed last year; Sberbank (Switzerland) AG chose the MIT platform after considering several alternatives both for back-office and middle-office components. This was a logical step as Sberbank CIB’s Zurich-based office continues to be a center for its fast growing Commodity Trade Finance (CTF) business.
The MIT platform chosen by the bank comprises CREDOC, the flagship back-end trade finance solution from the Swiss software editor, and TRAC, its middle/front collateral management system, which provide support for transactional commodity finance and structured trade finance.
The project was split into two major phases. The first phase saw the go-live of CREDOC at the end of last year. The second phase started in parallel to CREDOC’s go-live, and was related to the implementation of TRAC, which was completed last month.
Igor Ukrasin, head of Corporate Banking at Sberbank (Switzerland) AG said: “It made perfect sense for us to choose MIT because of their proven expertise both in vanilla trade finance and structured commodity finance. We are very pleased with the outcome – the solution provider met all project deadlines."
“It is exciting for us to start a partnership with Sberbank CIB knowing that Sberbank intends to develop CTF across the group,” said Paul Cohen-Dumani, General Manager at MIT, adding that “We are still very much the only software editor on the market that can provide both a back-end trade finance system along with a trade collateral management solution; this obviously sent a strong message to the Bank, and continues to send a strong message to the market.”
About Sberbank (Switzerland) AG (www.sberbank.ch)
Sberbank (Switzerland) AG is part of Sberbank CIB – the corporate and investment banking business of Sberbank Group. Its headquarters are located in Zurich. Sberbank CIB provides integrated financing and advisory services to more than 7 000 major corporations, financial institutions and governments.
Sberbank (Switzerland) AG provides corporate client and financial market services, including trade finance, transaction banking, structured finance, as well as agency services and global market operations. Sberbank (Switzerland) AG acts as a hub for Sberbank Group’s global markets activities for international clients and the development of Sberbank Group’s commodities trading operations .
Sberbank (Switzerland) AG works with international subsidiaries and holding companies of Sberbank Group’s clients in the market to actively develop services for clients carrying out trading and investment activities in any of the countries where the Group is present. Sberbank (Switzerland) AG operates in accordance with the requirements of Basel III and Swiss Financial Market Supervisory Authority (FINMA).
Sberbank Group (www.sberbank.ru)
Sberbank is Russia’s largest banking player, accounting for almost half of Russian retail deposits and almost one third of banking sector assets as the key lender to the national economy.
Sberbank is a universal banking institution and is among the Top Three European banks by market capitalisation and balance sheet size. Its integrated product offering spans retail, commercial, corporate and investment banking, asset management and financing.
Sberbank now has subsidiaries in 20 countries across the CIS, Turkey and Central and Eastern Europe. The bank is also present in key financial centres such as London, New York and Zurich and in other large emerging markets such as China and India.
 On the basis of CJSC “Sberbank CIB”