Deutsche Bank First US Trade Bank to Use URDG 758 to Issue Guarantees
Deutsche Bank is the first financial institution in the US to use the Uniform Rules for Demand Guarantees, 2010 Revision, International Chamber of Commerce Publication No 758 (URDG) for the issuance of guarantees. This revised set of rules for demand guarantees and counter-guarantees replaced International Chamber of Commerce Publication No.458, which was issued in 1992.
Deutsche Bank has issued two separate guarantees, each one included a demand guarantee and a counter-guarantee using URDG 758.
Rick Striano, Americas product head – trade and supply chain, global transaction banking (GTB), Deutsche Bank, said “Banks in the Americas, if they choose to do so, now have another offering in their product set that their clients may decide to use when considering how to best support their cross-border business. Deutsche Bank is prepared to leverage the many new opportunities that URDG 758 offers the trade finance community through more comprehensive, stronger and clearer rules for demand guarantees.”