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.”