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Letters of guarantee and documentary business

Upon your request, we will issue: payable guarantees, performance bonds, letters of intent, letters of credit

You’re in the business of import, project design, construction, sale and you need support which guarantees that your and your partner’s liabilities will be settled. The Bank issues all types of payable and performance guarantees in the country and abroad, we issue nostro and receive loro letters of credit and do documentary collections. Risks should be removed at the outset by precisely stipulating L/C and L/G clauses. This is where our team of experts, who have long-standing experience, can help you.
Letters of credit

You have international clients, and you need your bank’s support in international transactions? The letter of credit, as a payment and security instrument, is the right solution for you. The letter of credit is the safest instrument for the payment of goods and services, and it provides maximum protection to the importer (buyer) as well as the exporter (vendor). The Bank opens a letter of credit upon your request and in accordance with your instructions makes sure it is covered. Once documentation is presented, the Bank effects relative payment to the vendor, within deadline and in the amount stipulated in the letter of credit. The documentary letter of credit is a bank’s obligation to pay to the vendor of goods or services a certain amount within a certain deadline, upon presentation of relevant documents which confirm that relevant goods were taken in accordance with conditions indicated in the letter of credit. The documentary letter of credit may be opened upon the instructions of a local buyer in favour of a vendor abroad (nostro) but it is also possible for a buyer abroad to open a letter of credit in favour of a local vendor (loro).

Letters of guarantee

The guarantee is a collateral instrument whose role is to secure payments or performance of contractually agreed obligations. With guarantees, the Bank guarantees that the instructing party will settle all liabilities towards beneficiary and within deadlines indicated in the guarantee. The Bank issues all types of guarantees in the country and abroad. Payable guarantees: to secure a loan and to secure payment of goods and services Performance guarantees bid bonds: performance bonds, advance payment guarantees, customs guarantees, retention money guarantees

Discounts bills of exchange
Provide liquidity for your current operations. The Bank discounts bills of exchange issued in favour of the client, with maturities at a future date. By purchasing bills of exchange, rights under such bills of exchange are assigned to the Bank, while the amount of funds under purchased B/E receivables is discounted by the amount of discount, which is transferred to the account of the client – seller of B/E receivables. The Bank may also stipulate a recourse right for the seller of B/E receivables in case the bill of exchange is not collected from the principal debtor at maturity. The Bank accepts discounted bills of exchange issued by companies with adequate creditworthiness, which are endorsed to the Bank, with full endorsement.
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What is the difference between a letter of guarantee and a letter of credit?

If you are in the import or export business, it is very important to know the difference between a letter of guarantee and a letter of credit.

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In some cases, laws prevailing in the beneficiary’s county require that a local bank issues a letter of guarantee in its favour, or the L/G beneficiary wants its commercial bank to issue it a letter of guarantee.

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What does advising about letters of guarantee mean?

Advising about letters of guarantee is a notification to the beneficiary that a letter of guarantee has been issued in its favour, or that a change to the letter of guarantee has been made.

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