Thus, the bank is among the Top-5 banks in Ukraine, that can issue electronic guarantees and already have portfolio of issued electronic guarantees. In early May of this year Bank issued its first electronic guarantees.

"Being a reliable European bank with foreign capital, we welcome the changes that occur in our country aimed, among which is launching of public procurement in electronic form. As for us, we do our best to provide our customers with full range of services to support their business opportunities, including the field of public procurement. In view of this, we have worked out the well-functioning procedure for electronic guarantees issue, enabling participation in tenders through ProZorro system", — commented Piraeus Bank CEO Sergiy Naumov.

Electronic guarantee is an electronic document, which specifies all guarantee conditions, which contains the digital signatures of Bank’s authorized persons and the Bank’s digital seal. Duly signed guarantee is sent to the customer’s (principal’s) e-mail, then it can be attached to bid offer and can be loaded to the respective e-procurement platform.

Electronic guarantees are required for participation in tenders held in ProZorro system, if the procurer indicates in the bidding documents the guarantee presentation as tender security. Starting from August 2016 as per the Law of Ukraine "On Public Procurement" bank guarantees as a tender security will be accepted by all procurers, only in electronic form.

Online procurement system ProZorro is the main electronic platform, which includes certified electronic platforms for public procurement online auction process in order to detect the fair bids price/quality relevant in the public procurement procedure.

The target audience for this Bank’s service — SME segment customers, participating in public procurement and take an interest in it.

Tender guarantees issue terms by Piraeus Bank, see http://www.piraeusbank.ua/en/SME_tender_guarantee.html