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ADCB Launches ‘Back to Back Letter of Credit Facility’
ABU DHABI - Abu Dhabi Commercial Bank, announced on Saturday the launch of its “Back to Back Letter of Credit Facility,” a core component of its Structured Trade Finance capability.
The Facility is a specialist trade finance product offered to companies who buy and sell goods and companies in the re-export business. It also benefits trade in commodities such as oil and gas, or agricultural products from producers to the refiners/marketers in markets worldwide.
The scheme is a complex form of financing, which not too many banks currently offer in the UAE market because it requires banks to have a complete understanding of international trade and the risks associated, including geo-political issues.
“Due to foresighted development and it’s strategic geographic location, the UAE has rapidly developed in to a major regional and global trade hub,” said Colin Fraser, Head of Wholesale Banking Group of ADCB.
ADCB has a fully developed Trade Finance Division, providing various specialist products.
· business@khaleejtimes.com
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