This is a facility provided by the bank to its import customers to enable them import the goods and services from abroad without necessarily making payment in advance to the exporter.
Bank guarantees have a number of advantages they provide to both international and local businesses. The main types of guarantees/bonds that we provide are bid bonds and performance guarantees, applicable in different circumstances.
Different types of financial and /or commercial documents are exchanged during trade transactions which provide evidence of a transaction as well as acknowledgement of debt.
This is an overall function of the department which advises the bank's customers on issues regarding various trade and related instruments and services.