FIMBank Hosts Trading Seminar for Actavis Employees

17.05.2016

FIMBank plc recently hosted representatives of multinational pharmaceutical group Actavis International Limited to a training seminar which focused on document preparation and the checking of documents presented under Letters of Credit. The seminar, which took place at FIMBank’s training facilities on the 10th and 11th of May, was attended by 20 Actavis representatives from Malta, Romania, Bulgaria, India, Singapore and Iceland.

FIMBank’s Head of Trade Services, David Vella, who conducted the session explained that the seminar    discussed issues relating to, amongst others, Uniform Customs and Practice for Documentary Credits (UCP 600), as well as International Standard Banking Practice for the Examination of Documents (ISBP).  These are the two principal standards, established by the International Chamber of Commerce, that regulate Documentary Letter of Credit business. The overall objective of the training session was to assist Actavis representatives in attaining a higher degree of compliant presentations. David Vella is an ICC Certified Documentary Credit Specialist with thirteen years working experience on Letters of Credit and structured trade finance.

“Training seminars of this nature are essential for us to build a close rapport with our customers.  Furthermore, from a Bank perspective, the presentation of  compliant documents increases the efficiency of the administrative process, while  reducing costs for the customer, who would also be taking full advantage of the protection provided by the Letter of Credit”, stated Vella.

                       

 

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