AUB to Open New Letter of Credit worth $100mln to Import Foodstuffs

Ahli United Bank (AUB), has approved to open new letter of credit with $100million for one of the companies operating in foodstuffs products in order to import wheat, corn and sugar.

An official source in the bank informed Amwal Al Ghad that AUB has also approved to open new letter of credit worth $115million for one of the firms operating in petroleum products to export crude oil abroad.

The source added that the bank has supported several vital sectors, notably foodstuffs, medicines and petroleum products, noting that the bank succeeded to attract major customers in the trade market.

The financing of foreign trade will help to expand the marketing ability through launching fresh markets for local products.

He noted that the short-term period of opening letters of credit is ranging between 3 to 6 months, pointing out that the bank succeeded in expanding letters of guarantee, letters of credit and collection documents, taking advantage of the Bank’s network correspondents abroad.

He further explained that the total volume transactions of the bank’s abroad reached around EGP10billion at the end of the first half of this year, AUB is aiming to reach EGP20billion by the end of 2013.