AUB: Foreign Transactions Volume Hits EGP 10 Bln in 5 Months

The total volume of Ahli United Bank (AUB)’s foreign transactions, represented in letter of credit and letter of guarantee,  have hit EGP 10 billion during the first 5 months of the current year.

Senior source from Ahli United Bank told Amwal Al Ghad that the bank agreed to open letter of credit and letter of guarantee, at total amount of US$ 600 million, for companies working in the petroleum sector for exporting crude oil purposes.

In 2012, the total volume of AUB’s foreign transactions reached EGP 13.7 billion, compared to EGP 3.6 billion in 2011, recording an increase of EGP 10.1 billion.

The source added that the bank backed up many vital sectors such as pharmaceutical, foodstuff and petroleum products sectors. He said AUB has succeed in attracting senior clients in the market, alluding that financing foreign trade helps in widening marketing capacity through opening new markets for the domestic products.

He pointed out that the opening period of the short- term letter of credit will range between 3-6 months, asserting that the bank had managed to open Letter of Credit, Letter of Guarantee and Documents Collection by the correspondents in which the bank hired abroad.  
It is worth mentioning that in last January and February the bank opened Letter of credit and Letter of Guarantee worth EGP 4.357.