Ahli United Bank Approves New Letter of Credit worth $115 mln

Ahli United Bank (AUB) has agreed to open new letter of Credit worth $115million for one of the most companies operating in petroleum sector in order to export crude oil abroad.

An official source of the bank has informed Amwal Al Ghad that the letters of credit which the bank approved on it within the first half of this year to the petroleum sector reached around $600million.

The source added that AUB has supported many vital sectors including foodstuffs, medicines and petroleum products, pointing out that the bank has succeeded in attracting large customers in the private-commerce market and foreign trade financing which  helps to expand the marketing ability by opening new markets for local products.

He added that the period of opening short-term letters of credit ranging between 3 to 6 months, asserting that the bank has succeeded to open letters of guarantee and letters of credit and documents collection that benefiting from the Bank’s network of correspondents abroad.

He further said the total volume of foreign bank transactions are about EGP10billion by the end of the first half of this year, the bank aims to reach out to egp20billion by the end of 2013.

The total volume of foreign bank transactions reached around EGP13.7billion at the end of 2012, move up by EGP10.1billion, against EGP3.6billion at the end of 2011.