We specialize in providing innovative solutions to complex International Trade Finance transactions. We are willing to place our expertise in import and export trade at your disposal. This expertise has traditionally been sustained through concentrated attention on a handful of institutions, which we handpick on account of their business potential and importance to the national economy. To date, our focus on a narrow and select clientele has also enabled us to provide such customers with quality banking services in a fraud-free and confidential environment.
Import and export trade finance
In line with the Federal Government’s desire to promote non-oil exports, Stanbic IBTC Bank is one of the banks with a thriving Export Desk. Apart from efficiently handling the documentary requirements for exports, we provide different types of financing (pre-shipment, specific contracts etc). We also give advice on available incentives provided by the government and facilitate the processing of claims under the various schemes. We keep you informed about opportunities in the market place such as the Africa Growth and Opportunities Act, etc.
Letter of credit
At Stanbic IBTC Bank we tailor specific LC products based on the peculiarity of our client’s needs after a careful review of the particular situation, the underlying contracts and the peculiar needs of various suppliers. By giving maximum security to both importer and exporter, we add that essential ingredient for international trading - confidence.
In order to expedite your application process a Letter of Credit application form can be completed and faxed to 234 1 2701834 for the attention of Head IBC, StanbicIBTC Bank PLC. Supporting documents can be submitted to the International Business Centre thereafter. Click here to download an LC application form.
Bills for collection
This instrument is useful where the importer has a relationship with the exporter whereby the exporter is willing to dispatch goods based on an agreed period of credit. For you, the importer, this is a lower cost alternative than a Letter of Credit. With Bill for Collection method of payment, relevant documents are sent by the exporter, through Stanbic IBTC Bank to the importer. The exporters bank forwards documents and a collection order to Stanbic IBTC Bank for release to the importer against acceptance of the bill of exchange or immediate payment.
Pre and post export financing
We have developed a wide range of financial solutions for importers and exporters. These products are designed to assist you in managing your trade cycle efficiently. Through our in-depth knowledge of your business sector and our professional assessment of the inherent risks at every stage of your trade cycle, we can structure products that provide the working capital required for the different stages in the cycle.