Ahli United Bank Opens US$120mn Letters of Credit for Petroleum Products

Ahli United Bank approved opening EGP120million letters of credit in favor of Petroleum Company so as to export the petroleum products abroad.

The total value of letters of credit in which the bank has pumped for petroleum sector registered around US$1 billion in 2013, according to the bank’s source.

The source spoke to Amwal Al Ghad Arabic’s Website, saying the bank supported several vital sectors including Foodstuffs, medicines and petroleum products, adding that the bank succeeded in alluring clients in the trade market, especially foreign trade finance helps to enlarge the marketing capacity through opening new markets inside the local products.

The period of opening short-term letters of credit is ranging between 3 to 6 months, stressing that the bank succeeded in opening Letters of guarantee and letters of credit and collection documents benefiting from the bank’s Network correspondents abroad, the source added.

The total volume of the bank’s abroad transactions reached about EGP20 billion at 2013-end move up by EGP6.3 billion in compared to EGP13.7 billion at the end of 2012.