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      In order to achieve our objective, we offer our expertise and high standard services to enhance both exporters and importers ability to:

      Documentary Credits

      Letter of Credit

      An import Letter of Credit is an unconditional undertaking, given by an "Issuing Bank" at the request of its customer (the Applicant or Importer) to pay the Beneficiary (or Supplier) against stipulated documents, provided all the terms and conditions in the Letter of Credit are complied with.

      1. Sight Letter of Credit

      A Sight Letter of Credit is payable once it is presented along with the necessary complied documents.

      2. Deffered Letter of Credit

      A letter of Credit that is paid at fixed number of days after shipment or presentation of complied documents (Without Bill of Exchange). It is used where a buyer and seller have a close working relationship, in effect; the seller is financing the purchase by allowing the buyer a grace period for payment.

      3. Usance Letter of Credit

      A Letter of Credit that is paid at fixed number of days after shipment or presentation of complied documents accompanied by a bill of exchange.

      4. Transferable Letter of Credit

      A transferable Letter of Credit is one that can be transferred in full or partially by the original beneficiary to one or more second beneficiaries.

      5. Back to Back Letter of Credit

      Arrangement in which one irrevocable letter of credit serves as the collateral for another; the advising bank of the first letter of credit becomes the issuing bank of the second letter of credit.

      In contrast to a transferable letter of credit, permission of the ultimate buyer (the applicant or account party of the first letter of credit) or that of the issuing bank is not required in a back-to-back letter of credit. It is used mainly by intermediaries to hide the identity of the actual supplier or manufacturer. Also called counter credit or reciprocal letter of credit.

      6. Assignment of the Proceeds of Documentary Credit

      A document transferring all or part of the proceeds from a letter of credit to a third party beneficiary. To receive an assignment of proceeds, the beneficiary of a letter of credit is required to submit, in writing, a request to the bank to assign the funds to a different person or company.

      7. Discounting Documentary Credit

      Documentary Collections

      A documentary collection is an operation in which a bank collects payment on behalf of the seller (the principal) by delivering documents to the buyer.

      The types of Documentary Collections:

      1. Documents against payment (D/P)

      2. Documents against acceptance (D/A)

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