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>Corporate banking >Trade Finance >Imports

Imports

Documentary Credits

This is an undertaking by a Bank to make the payment against compliant documents giving comfort to the buyer with payment being assured to the seller if documents are presented in terms of the Documentary Credit.

Our international presence all over the world through over 1000 correspondent Banking relations with Branches being located in London, Male and Chennai will help you to carry out your International Trade transactions confidently with BOC. L/Cs established with BOC also carry our financial strength giving comfort to the Seller.

L/Cs are established to suit your requirements while complying with local exchange regulations, Sri Lanka standards etc. and our team of experts will advise you of the best trade solutions for your deal.

Foreign funded Projects

Our expertise in executing Banking arrangements with the designated Banks in donor country will facilitate the implementation of Grants/Loan Agreements between the donors and the Govt. of the Democratic Socialist Republic of Sri Lanka.

Documentary Collections

A payment method in which the goods are shipped to the importer and the bank retains the documents and deliver them against payment or on acceptance.

Shipping Guarantees

This is an indemnity given to the shipping agent by the bank jointly with the importer in consideration of the delivery of the goods shipped for which no original bill of lading has been received. Indemnity could be cancelled on receipt of original Bill of Lading and submission to the shipping line.

Shipping guarantee is a common instrument among importers due to the improved transport systems and cargo handling procedures.

Bank Guarantees

Bank Guarantees assist the customers meet their requirements by way of Bank Guarantees favouring third parties in their business activities, when they are not in a position to provide full cash coverage. Guarantees being a substitute for cash are designed to provide the beneficiary with a speedy monetary remedy, in the case of non performance of the transaction.

Local Guarantees are issued in the form of

Credit Purchase Guarantee
Tender Guarantee (Bid Bond)
Performance Guarantee (Performance Bond)
Advance Repayment Guarantee (Repayment Bond)
Retention Guarantee (Retention Money Bond)
Security Bond
Customs Duty Guarantee for Imports (Customs Duty Bond)

International Guarantees are issued in the form of

Bid Bonds

Performance Bonds

Advance Payment Bonds

The Bank also issues guarantees favouring International Financial Institutions enabling them to issue guarantees on behalf of their customers favouring third parties. (Counter Guarantees)