Successful ITFA (CEE Regional) Educational Gathering in Vienna

Successful ITFA (CEE Regional) Educational Gathering in Vienna

ITFA’s Central and Eastern European Regional Committee has hosted a successful education seminar in Vienna.

The event took place on Thursday 12th May at UniCredit Bank Austria AG, Stefansplatz offices in central Vienna and was attended by 24 participants drawn from Austria, Czech Republic, Germany, Hungary and Macedonia.

Mrs. Silja Calac, Head of Trade Risk Management, UniCredit Bank AG gave a presentation on the ITEC (ITFA Technical Experts Committee) recent developments especially, “BASEL III effects on Trade Finance”.

This was followed by a presentation given by ITFA Deputy Chairman Sean Edwards on the new forfaiting rules currently being drafted by the ICC and ITFA.

The afternoon meeting concluded with a lively discussion on the nature and future of forfaiting. This continued through the evening at a cocktail reception, which took place at Vienna’s Meinl Weinbar.

Semih Özcan, Executive Director Credit Markets at Raiffeisen Bank International AG and Chairman of ITFA’s Central and Eastern European Regional Committee notes that the afternoon event was successful in drawing together representatives from across near-by countries in the region. He adds that the informal discussion that followed the presentations demonstrates that the forfaiting market is embracing change in the aftermath of the crisis in the banking sector and in light of new demands and developments on the BASEL III makes Forfaiting more challenging.