Trade & Finance
We operate an effective and efficient international trade settlement system that works in partnership with our customers to deliver products and services which surpass their expectations.
Letters of Credit (LC)
This is one of the methods of payment in settling international trade obligations. Essentially, it is a written undertaking given by a bank at the request of a customer (applicant), in which the bank obligates itself to pay the exporter (beneficiary) up to a stated amount within a prescribed time frame upon presentation of stipulated documents that conform to the terms and conditions of the documentary credit. In Guaranty Trust Bank, we offer two types of LCs:
- With Funded LC, the funds are wholly provided by the customer (applicant).
- Un-funded LC, is funded by the bank with some equity contribution from the applicant.