Confirming Bank

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Related to Confirming Bank: Advising bank, letter of credit

Confirming Bank

The bank which has confirmed a letter of credit opened by another bank.

Confirming Bank

A bank that makes assurances to the relevant party that a letter of credit from another bank is genuine.

References in periodicals archive ?

SABB's Managing Director David Dew said: "We are proud of our association with the IFC and of our recognition for the second year running, as the most active confirming bank in the MENA region under the IFC's Global Trade Finance Program.

SABB wins honors for trade finance services

The status of confirming bank is an achievement, as

Ameribank first Armenian bank to receive status of EBRD confirming bank- partner

Additionally, since the bank gets to choose the confirming bank, everyone will be aware of which bank that is, meaning the risk of an injunction is still present in a confirmed LC.

Establishing your game plan: improve profit without increasing exposure

The confirming bank creates the same obligation to the beneficiary as the issuing bank when the confirming bank adds its confirmation.

Revisions lie ahead for L/C transactions

The facility is therefore quite timely, as it will enable Nedbank to grow its asset book as well as increase its visibility as a credible confirming bank for African trade transactions.

AfDB approves financial package to Nedbank

This requires the confirming bank to review the credit risk of the issuing bank and protects the exporter if either the importer or the issuing bank becomes insolvent.

Hedge your bets in L/C transactions

It is a long-standing partner of the EBRD, and became a confirming bank under the TFP in March 2003.

Hellenic Bank joins EBRD Trade Facilitation Programme

IFC covers payment risks for 172 banks in 77 countries, under which, First Gulf Bank will register all of its branches and subsidiaries as a Confirming Bank, which will allow FGB to undertake risk exposure in emerging markets private trade flows with the safeguarding of the IFC and its availing covers.

First Gulf Bank joins International Finance Corporation's Global Trade Finance Program

The RPA will enable FRB to increase its visibility as a established confirming bank for trade transactions originated by African issuing banks.

AfDB approves US $100-million facility for FirstRand Bank to boost trade finance