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Documentary Letters of Credit

Documentary Letters of Credit

A great variety of Letters of Credit transactions is offered to corporate customers:

  • CIB issues sight and deferred payment Letters of Credit, handles the documents, effects payment under documentary credits
  • CIB advises beneficiaries of Letters of Credit, handles the documents, arranges the settlement
  • CIB confirms Letters of Credit on instructions from issuing banks and pending on their rating, CIB may then become involved as the paying bank as well
  • upon instructions of the first beneficiaries CIB transfers Letters of Credit in favour of the second beneficiaries
  • upon assignment instructions received from the first beneficiaries CIB advises the second beneficiaries
  • When asked to finance our clients' import and export transactions, our approach will depend on the customers' creditworthiness and financial standing.
  • Receivables emanating from Export Letters of Credit with deferred payment, outstanding for more than 15 days may be discounted by us, at the recipient's request, provided that strict credit conform documents are presented.

CIB handles Letter of Credit transactions according to the prevailing Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, Paris (currently UCP 2007, Brochure 600 of ICC).

 

For further information please contact our experts in the Letters of Credit Department on phone numbers (36-1) 423-1287, and fax no. (36-1) 489-6544.

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