Inside Ops: Pete DelGrosso on SBLCs and the ISP98 Forms

IIBLP’s ISP98 Forms are freely available on DCW, including templates for demand-only standbys, extensions, reductions, local and counter standbys, and more.

At the recent 2025 IIBLP Guarantee & Standby Forum in Singapore, Pete DelGrosso, a senior operations executive with over 35 years at Mizuho, offered a grounded and practical view on a challenge familiar to many banks: the unnecessary complexity surrounding standby letters of credit, particularly in back-office execution.

DelGrosso, who recently transitioned to Mizuho’s APAC operations after a long tenure in the Americas, emphasized that while commercial LCs under UCP600 are broadly understood across operations teams, standbys still tend to generate hesitation.