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Commodities|FAQs|Videos|Case Studies

Bank Guarantee Letter: Crude Oil Deal Concluded Successfully

Here we are going to discuss about one of our recent success in helping a Korean client with their crude oil deal. Further, this video describes how we, the Bank Guarantee Providers in Dubai serves the needs of their clients; by providing the required Bank Guarantee Letter from our Rated European Bank Account. 

The leading trader in South Korea received an offer to supply huge quantity of crude oil to a manufacturing unit nearby. Further, to proceed with the deal; they started searching for a reliable supplier of Crude Oil. Finally, they found the one from Saudi Arabia.

The Saudi Seller was ready to ship the required quantity of crude oil. On the other hand, to secure this trade deal from any kind of fiscal risks; they both decided to use BG MT760. 

What is Bank Guarantee Letters?

Bank Guarantees are a written commitment; that is issued by a bank on behalf of its clients to assure the payment towards their counter parties. Further, to issue such MT760 on behalf of their clients; usually, the banks will demand certain percent of the bond value as a cash margin; or any kind of collateral. Also, in case, if the client can’t able to meet the banking norms; then the BG request will be declined.

Now to avail such Guarantees on behalf of their company; the South Korean trader contacted their banks with their MT760 request. Further, as stated above, the banks declined their BG request; as they don’t have enough cash funds in their account; to meet their marginal demands.

Luckily, the trader found us via our YouTube Channel, and contacted us with their MT760 request. Instantly, we approved their BG request; and agreed to issue BG MT760 on their behalf. And then, proceeded with the further process,  we provided BG MT760 on their behalf;without blocking their cash funds from our rated bank accounts within 48 hours. 

With the Guarantee in hand, the Korean Trader Concluded the Crude Oil Deal with the Saudi Supplier Successfully! To read the full story, click Here

With decades of experience in offering trade finance services; we have lend our bank facilities for more than 25,000 traders for their trade deals and projects. 

If you’re in need of MT760 Guarantee for your trade deal; contact us today by submitting your BG Requirements to us here.

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