Bank Saint Petersburg and the EBRD have entered into a new agreement
"PJSC Bank Saint Petersburg and the EBRD have entered into a new agreement defining general terms and conditions of guarantees issuance in favour of Bank Saint-Petersburg under the EBRD's Trade Facilitation Programme (TFP). The new agreement gives the Bank an opportunity to minimise political and commercial payment risks when the bank acts as a confirming and nominated bank under letter of credit (LCs) issued by foreign banks in favour of exporting clients.
The TFP promotes international trade to, from, and within the EBRD countries of operations, including Russia. Through the Programme, the EBRD provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of operations.
The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries. It is owned by 64 countries, the EU and the EIB. In 2011 EBRD became a shareholder of Bank Saint Petersburg. "