As part of its proactive initiatives to keep its customers abreast of the changing global business environment, HSBC Bank Middle East today announced it will host a series of seminars across the Middle East to highlight the transition from UCP 500 to UCP 600, the revised version of the Uniform Customs and Practice for Documentary Credits which will come into effect as of 1st July 2007.
Documentary Credits amounting to over USD 1.25 Trillion are used annually to settle over 10% of global trade transactions. Within the Middle East, Documentary Credits have been very popular, having recorded double digit growth in usage annually over the last few years. The Middle East region issues around 15% of the world’s Documentary Credits, second only to Asia Pacific and ahead of the Americas and Europe.
The UCP600 road shows will be conducted jointly by Mr. Gary Collyer and Kersi Patel. Mr Collyer is the technical advisor to the International Chamber of Commerce (ICC) and chair of the Working Group tasked with the review and update of the UCP600 rules. Mr Patel is the Regional Head for International Trade Business for HSBC Bank.
The road show will kick off in Riyadh on 12 May and then move on to Jeddah, Abu Dhabi, Dubai, Cairo, Manama before winding up in Doha on May 20.
Kersi Patel said: “UCP 600 Rules come into effect from 1 July, and we are delighted that a renowned ICC expert is joining hands with HSBC to raise awareness of the changes in these critical international rules just before the new rules come into effect,”
“The HSBC Group has played a key role in international trade since 1865, financing and facilitating the growing trade between Asia, Middle East and the USA. HSBC’s customers can count on the support of one of the world’s most extensive trade networks, which has been helping companies worldwide grow their business for over 140 years” he added.
Gary Collyer, Technical Advisor to the International Chamber of Commerce, ICC said: "With the ever-growing usage of documentary credits, it is essential to have an in-depth knowledge of UCP 600 and International Standard Banking Practice (ISBP) by all users. With the changing multilateral trade pattern and the need for more simplicity and clarity, it was vital to revise the UCP.”
“I am glad to be associated with HSBC in organizing these seminars in the Middle East as they will certainly offer an opportunity for businesses to better understand the new ICC rules and to share knowledge and best practices,’ he added
Further information: El Khalouki Mohamed, +971-4-3906637; Email: mohamedlkhalouki@hsbc.com
HSBC Bank Middle East Limited
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 34 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. In addition to the branch network the Bank maintains a representative office in Tehran, Iran. This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank, British Arab Commercial Bank Limited, and HSBC Saudi Arabia Limited.
