Advising and Confirmation Services
The bank provides L/C advising and confirmation services for a large number of correspondent banks in Africa and the Middle East. Under our L/C confirmation arrangements, exporters can conduct trade with third world countries in the knowledge that the risk of non-payment by the importer/issuing bank is guaranteed by our bank provided that all terms and conditions of the L/C are complied with. Exporters can take advantage of our wide coverage of banking relationships across the MENA and ECOWAS regions to provide them with payment security in difficult markets.
We recognise that cash-flow is critical for many exporters and trading companies. Also any delay in document processing can result in demurrage charges at port of destination. To mitigate both of these issues, we offer exporters a fast and efficient document checking service to ensure that payments are made and documents dispatched within a very short time of presentation. Our document checking is performed in London and not overseas like many other banks.
Without Recourse Discounting
We may offer to discount ‘without recourse’ letters of credit which are payable on deferred payment terms. This gives exporters the ability to raise immediate finance for goods shipped even though the letter of credit and underlying contract with their buyer is on deferred payment terms. Companies find this particularly useful in doing business overseas as this allows them the ability to offer credit terms to their customer.
We provide price quotations on request for any specific transaction giving exporters the comfort of knowing in advance how much any transaction will cost them.
Companies that use our services specifically nominate us their preferred advising and confirming bank by requesting that the LC be advised direct to Bank of Beirut (UK) Ltd, London, Swift address: BRBAGB2L
We issue letters of credit on behalf of customers to suppliers located throughout the world for the purchase of goods and/or servicesView