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Emirates Bank hosts UAE Trade Managers' Meet

Trade Services team of Emirates Bank hosted The UAE trade managers' meeting at the Four Points Sheraton on 27th June 2004 . The meeting was attended by representatives from 15 UAE trade banks, both local and foreign and included ABN Amro, Arab Bank LTD, BANQUE NATIONAL DE PARIS, Credit Agricole, Dubai Bank, HSBC, Habib Bank AG Zurich, Habib Bank LTD, Invest Bank, Mashreq Bank, National Bank of Dubai, National Bank of Ras Al Khaimah, Standard Chartered Bank, Union National Bank.

 

This monthly meeting is hosted by turns by member banks and aims to provide a forum for trade managers to raise issues of concern and or interest to others, and take their informal guidance on the way to address the same. Key topics that were discussed this time around were the responsibility of advising banks, usage of negative clauses on LCs, acceptability of documents issued prior to the date of LCs, assignment of guarantees etc.

 

While trade operations of the bank are generally carried out within various guidelines issued by the International Chamber of Commerce and the Central Bank, there are many situations where banks are expected to use their discretion in applying these rules. This is where the monthly meeting of trade managers helps by ensuring uniform interpretation of grey areas and drawing up suitable action steps that can be followed by all members.

 

The meeting ended with a dinner and a vote of thanks by Maninder Bhandari, Head Transaction Banking - Emirates Bank.