First win in Luxemburg for MIT’s Trade Finance platform
After considering several options for back and middle-office solutions, Bank GPB International SA, a member of the Gazprombank group, has selected the MIT’s Trade Finance platform to support its strong ambition of developing its Commodity Trade Finance business from Luxemburg.
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 is due to be completed by the end of the year, with TRAC planned to go-live at the end of the first quarter, while CREDOC will be rolled-out during fourth quarter.
Dmitry Derkatch, General Director at Bank GPB International SA, declared: “MIT’s extensive functionalities and expertise in Trade Finance were a perfect fit to our organization. The systems are scalable to support our ambition of strongly increasing our Commodity Finance volumes in the coming months”.
“We are proud to count another prestigious reference in our community of users” said Paul Cohen-Dumani, General Manager at MIT, adding that “the combination of our solution TRAC and CREDOC provides a key differentiator for us in the market, and the adoption by Gazprombank in Luxembourg is yet another confirmation that our strategic options were accurate.”
About Bank GPB International SA (www.gazprombank.lu)
Bank GPB International S.A. was established in 2013 (as "GPB International S.A.") as a 100% subsidiary of Gazprombank (Joint-stock Company), which is the third largest financial institution in Russia. Having deep expertise on Russian as well as European financial markets the Bank offers a broad range of financial services and provides individually customized solutions in the following areas:
About Gazprombank (www.gazprombank.ru/eng/ )
Gazprombank has successfully operated in the banking market since 1990. Founded by the world's largest gas producer and exporter Gazprom to provide banking services for gas industry enterprises, Gazprombank has since become a leader in the banking sector, which key performance indicators place the Bank among the top three banks of Russia.
Gazprombank as a universal financial institution delivers a wide range of banking and investment services for over 45,000 corporate and about4 million private clients.
Gazprombank invests and lends to companies in major sectors of the economy – oil and petrochemical industry, metallurgy, machine building, nuclear industry, electric power industry, real estate construction, transport, telecommunications and trade. Diversified client base enables a strong growth of a corporate loan portfolio and the retail business also shows sustainable growth. Despite of a rapid growth of the loan portfolio, efficient risk policy and prudent approach to borrowers allow the Bank to maintain a ratio of problem and non-performing loans at the lowest level among the largest Russian banks.
Gazprombank actively develops areas closely related to the investment business. Besides strategic investments to oil-and-gas, petrochemical industries, and media-business, in Russia Gazprombank occupies leading positions in transactions in the capital markets (bonds underwriting, arranging financing for clients), corporate finance advisory and project finance.
At present, Gazprombank operates six subsidiary and affiliated banks in Russia, Belarus, Switzerland and Luxemburg, representative offices in Kazakhstan, China, Mongolia and India.
Gazprombank's network across Russia extends from Kaliningrad in the west to Youzhno-Sakhalinsk in the east. The total number of offices delivering customer friendly high-quality banking and depository services under the single brand name of Gazprombank exceeds 390.
Steady growth and high reliability were rewarded with ratings assigned by international rating agencies: Moody’s Investors Service, Standard & Poor’s etc.
Gazprombank was twice awarded by The Banker Magazine as “The Bank of the Year in Russia” in 2001 and 2005.