AUB to Open Fresh Letter of Credit $130mln to Export Petroleum Products
Ahli United Bank (AUB) has approved to open new letter of credit for one of the companies operating in petroleum products sector with $130million in order to export crude oil abroad.
An official source has informed Amwal Al Ghad that this is the second letter of credit which approved by AUB in this month after the bank agreed to open another letter of credit with $115million.
The source added that the total letters of credit which approved by the bank for petroleum sector reached around $600million within the first half of this year.
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.
