Ahli United Bank has agreed to open Letter of Credit and Letter of Guarantee worth US$ 600 million to companies work in petroleum sector in order to export crude oil.
The total foreign transaction in the bank reached EGP 13.7 billion in compared to EGP 3.6 billion in 2011 with raise worth EGP 10.1 billion, an official in Ahli United Bank informed Amwal Al Ghad.
He added that the bank backed up many vital sectors such as pharmaceutical , foodstuff and petroleum products sectors. He added that his bank 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 succeeded 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.