Banca Intesa handles all types of Bank Guarantees including Stand-By Letters of Credit applied in international or Russian banking practice and required by your Company.
We offer the following types of Bank Guarantees:
- Payment guarantee
It`s issued at the request of the Buyer in favour of the Seller ensuring fulfillment of the Buyer’s obligations to pay the goods delivered or services provided according to the contract concluded between the Seller and the Buyer.
- Advance payment bond
It`s issued at the request of the Seller in favour of the Buyer ensuring the return of payment made in advance according to the contract concluded between the Seller and the Buyer in case of the Seller`s default to perform his contractual obligations.
- Performance bond
It`s issued at the request of the Seller in favour of the Buyer ensuring the performance of the Seller`s obligations under the contract concluded between the Seller and the Buyer.
- Bid bond
It`s issued at the request of the Tender Participant (potential Contractor) in favour of the Tendering Authority (the ordering Customer) ensuring that the Tender`s Participant fulfills his Tender obligations resulting from the Tender Bid.
- Guarantee in favour of the Customs Authorities of the Russian Federation
In the frames of the limit established by The Federal Customs Service of Russia, Banca Intesa is entitled to issue any types of bank guarantees in favour of the Customs Authorities of the Russian Federation ensuring the obligations fulfillment by Banca Intesa’ customers dealing with international trade and using customs services.
- 1,7 billion Russian Roubles – Banca Intesa aggregate limit for issuance of guarantees in favour of the Customs Authorities of the Russian Federation
- 345 million Russian Roubles – maximum amount of one bank guarantee issued by Banca Intesa in the frames of the limit
- Bank guarantees in favour of the Tax Authorities of the Russian Federation:
- Value Added Tax Reimbursement guarantee
It`s intended for taxpayers applying Claim-Based Procedure for Value Added Tax Reimbursement.
It`s provided on the terms specified in Article 176.1 of Tax Code of the Russian Federation
It`s the Bank undertaking to repay to the budget on the Taxpayer`s behalf upon the Tax authority demand any excess amounts of tax which the Taxpayer received (or for which it received a credit) as a result of claim-based tax reimbursement in the event that the decision to grant a reimbursement of the amount of tax claimed as reimbursable under the claim-based procedure is rescinded in whole or in part.
- Excise duty payment guarantee
It`s provided on the terms specified in Article 204 of Tax Code of the Russian Federation in favour of the Tax Authorities in order to allow the Manufacturer of alcoholic and/or excisable alcohol-containing products not to make an advance excise duty payment.
It`s the Bank undertaking to pay the amount of excise duty and the corresponding penalties in case of the Taxpayer failed to submit documents confirming the fact of excisable products export in proper manner within established time limit or excisable products placed under customs procedures of free customs importing in port special economic zone, or non-payment of excise duty and (or) penalties.
- Bank guarantees for securing other obligations to Tax Authorities of the Russian Federation
- Value Added Tax Reimbursement guarantee
- State contract implementation guarantee
Federal Law No. 44-FZ of 5 April 2013 “On the system of public procurement contracts for products, work or services for state and municipal needs” entitles State and Municipal Customers to establish the requirement to secure implementation of a state contract. One of the types to secure a contract implementation is an irrevocable bank guarantee that is the Bank`s (the Guarantor) undertaking to execute a payment in case of the Contractor`s default to perform the main obligation under State Contract.
- Loan repayment guarantee
It`s issued at the request of the Borrower in favour of the Lender and ensuring Borrower`s obligation to repay the loan amount and/or interests accrued within the loan period.
- Stand-by Letter of Credit
Being identical to an ordinary Documentary Letter of Credit in the way to honour presentation, form and mechanism of confirmation adding by other bank, the Stand-By Letter of Credit is the analogue of a Bank Guarantee.
Different from an ordinary Documentary Letter of Credit with the payments execution as far as the Applicant performs his contractual obligations, the payments under Stand-by Letter of Credit are executed only in case of the Applicant default to perform the contractual obligation. It`s used only for international trade (not for the Customer`s domestic activity).
In the frames of Bank Guarantees Banca Intesa provides the following types of operations:
- Issuance of different types of Bank Guarantees to secure the fulfillment of concluded contracts obligations of the Customers;
- Advising of Bank Guarantees received in favour of the Beneficiaries from Russian and foreign Banks;
- Issuance of Bank Guarantees secured by counter-guarantees issued by Russian or foreign Banks (subject to the sufficient inter-bank limit).
Key benefits of Bank Guarantees and Stand-By Letters of Credit:
- The opportunity to get a delay in payment under Contract
- Your Company credit worthiness improvement
- Bank Guarantee independence from the underlying obligation
- Irrevocable nature of Bank Guarantee
- Use simplicity and wide area to apply Bank Guarantee
- Opportunity to participate in tenders
- Taking advantage of Bank Guarantee as one of Trade Finance instruments.
COST OF BANK GUARANTEES* FOR CLIENTS OF BANCA INTESA:
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*Guarantee structure as well as amount of bank charges depend on the terms and conditions of the corresponding concluded agreement on Guarantee issuance and financial standing of the Client.
Why Banca Intesa?
- Wide network of correspondent banks all over the world
- Taking advantage of the international largest banking group Intesa Sanpaolo Group:
competitive rates, wide geographical presence, high service level, Intesa Sanpaolo Group includes 7 793 branches in more than 40 countries all over the world.
- Stability and reliability of Banca Intesa acknowledged by international audit firm KPMG
- Wide regional branch network of Banca Intesa from Kaliningrad to Vladivostok.
- Opportunity to attract the first-class banks funds on the most beneficial terms as well as their optimal utilization flexible schemes development to reduce transaction costs.
- Individual approach to each Customer. Providing consultancy services on foreign trade contractual payment terms optimization issues for documentary bank operations to be applied.
- Extensive experience in Trade Finance and Documentary operations
- Highly qualified team certified in Trade Finance and Documentary operations (certificates of International Chamber of Commerce)
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For getting more information in relation to Trade Finance and/or Documentary operations please feel free to contact our colleagues from Trade Finance department:
+7 (495) 411-80-70 (ext 3374)
+7 (495) 411-80-70 (ext 3415)