We offer collateralized Standby Letters of Credit through our international correspondent network.
Letters of Credit are commonly used by the insurance, shipping and export industries. Our Letters of Credit are accepted by US and UK regulatory agencies and are offered at competitive rates.
A Letter of Credit provides an assurance of payment to a seller. If the holder of the Letter of Credit does not make a payment on time, the Bank is held responsible for the payment. This provides and extra level of insurance to both the buyer and the seller. The seller can be certain that they will receive payment, and the buyer is protected from having to pay for goods that are not shipped or received.
