MITBank GPB International, a member of the Gazprombank group, has selected MIT’s (Micro-Informatique & Technologies) trade finance platform to support its business from Luxembourg.

The MIT platform chosen by the bank comprises Credoc, the Swiss firm’s flagship back-end trade finance solution, and TRAC, its middle/front collateral management system, which provide support for transactional commodity finance and structured trade finance.

Dmitry Derkatch, general director at Bank GPB International, says: “MIT’s extensive functionalities and expertise in trade finance were a perfect fit to our organisation. The systems are scalable to support our ambition of strongly increasing our commodity finance volumes in the coming months.”

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 the fourth quarter.

Bank GPB International was established in 2013 as a 100% subsidiary of Gazprombank, the third largest financial institution in Russia.