The Swiss bank, BANQUE DE COMMERCE ET DE PLACEMENTS (BCP), has set an interbank credit limit at 4.0 million Swiss Francs for the Moscow SUDOSTROITELNY BANK. The Swiss bank has opened a SFr3.0m credit line on forex transactions, including forward, spots and swaps operations. The SFr2.5m credit limit has also been set on trade finance instruments. Under agreements, BCP will act as guarantor for Russian bank’s commercial documentary letters of credit with a 180-day grace period, bank guarantees and standby letters of credit.
Source: BANKI.RU, July 11, 2006
