- Account opening
- Payment Operations
- Deposit operations
- Documentary business
- Discount Purchase Of Bills Of Exchange
- Factoring operations
- Product tailored to your needs
- Instruments for protection against the foreign exchange risk
- General Rules of Operation
Letters of Credit
Letter of credit is a security instrument which ensures payments. Namely, the ordering party shall put certain funds on beneficiary’s disposal, providing that the beneficiary presents certain documents (related to the underlying commercial contract) to the bank, before drawing the funds. In this manner the beneficiary is asured that the L/C payment was made for the intended purpose.
Under the client’s order, the Bank shall provide the following L/C services:
- Nostro L/Cs (for payments)
- Loro (for collections) from abroad
L/C is a safe way in performing foreign trade operations for both purchaser and seller of goods.
Dependeing on L/C type (transferable, non-transferable, revocable, irrevocable, standby, covered, without cover, payable at sight or with deffered payment etc), as well as on the contractual regulations, the Bank will determine manner and conditions for L/C servicing, tenors, documentation, L/C narrative, fees and commissions etc.
Note: Fees and commissions shall be charged in compliance with the Bank’s Tariffs