Bank Instruments

Bank Instruments

What are Bank Instruments?

This is a commitment in form of writing issued by a bank to pay a particular sum of money to a beneficiary on behalf of a bank’s customer in a situation where the customer/purchaser do not have the ability to pay or perform its obligation financially to the seller.

For the fact that a bank’s client can use a bank instrument in a transaction is a show that the individual has a proof of strong credibility financially and also capable of repaying.

However, it is important to know that though the bank is in charge of the paperwork of the bank instrument, it does not have any say in the development of the contract or even in the commitment to it. It’s only the bank instrument and the terms and policies associated with it, that is of interest to the bank. Therefore, bank instrument will be reimbursed for since the bank have to compile with the term and conditions stated.

Our Services

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Helpdesk@prominencebank.com

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What Are the Services We Render?

There are several choices of financial instruments we provide for our customers. Whether the providers or purchasers who are intriguing in transacting trade in a worldwide market or even in the form of enhancement for credit. We also proffer financial instruments like Letter of Credit (LC), Key Tested Telex (KTT – TELEX), Standby Letter of Credit (SBLC), Bank Draft (Cashier Check), Bank Guarantee (BG) and Documentary Letter of Credit (DCL) which is used in industries most often.

What is Bank Confirmation Letter (BCL)/Proof of Funds (POF)?

Helping our clients with Bank Confirmation Letters (BCL) or Proof of Funds (POF) is one of the benefits our clients enjoy. These are commonly used for commodity trades such as precious gems, oil and gas service equipment, steel, and others. We can open worthy credit lined for several services in the import and export trades based on producers and distributors.

What are the Transactions Conducted with Bank Instruments?

  • Importation/ Exportation
  • Collateral of Project Finance
  • Assisting in acquisition of Bank Instrument (Bank Debentures)
  • Additional Credit Improvements: Real Estate, REO Pool, and Companies as well as Businesses.

If you are fascinated in working with us, you can use our forms to apply for bank instruments. Please click here to Contact us