Export Services

The beneficiary submits documents in accordance with terms and conditions as stipulated in the DC. Documents are checked by the Bank and forwarded to the issuing bank for payment

Risk mitigation: Exporters have an understanding that they have an irrevocable undertaking from a bank to pay provided that they perform in accordance with the terms and conditions laid down in the DC which have been previously agreed with the buyer. Using the bank as an intermediary reduces an exporter's reliance on the buyer to pay, thus protecting the exporter from the risk of non-payment.

Packing Credit Advances: This is pre-shipment finance granted against an Irrevocable DC. A limit can be set up within the general facility under which the Bank is prepared to advance monies against export DCs held by us. This will aid the customer's cashflow in the purchasing of goods/parts to fulfill the terms and conditions set out by the DC

The maximum loan value is up to 70% of the face value of the DC, and for a maximum period of 90 days. Profits are not advanced. To ensure the safety of the goods financed, we require the goods to be fully insured (plus margin)

Negotiation: This is post-shipment finance whereby exporters, after submitting documents required under a DC, can request us to negotiate/discount the bills presented. The provision of liquidity against shipping documents improves the working capital position of the company. In many cases, proceeds from DC negotiation are used to retire corresponding Packing Credits, or LAIs, thereby completing the trade cycle

Target customers

All exporters, or traders who do not solely conduct trade on open account terms

Cross-sell opportunities/tips

Foreign exchange services

Deposits services: Time deposits

PCM services eg Autopay