Leather is one of the most popular traded commodities worldwide. The growth for raw leather demand has been driven by the fashion industry, mostly in footwear and garments. With other global players in the leather industry, they were also looking for new sources of raw material. The German trader decided to expand their leather production by importing raw leather from a trusted supplier in Italy. The payment term with the seller for their raw leather deal was agreed upon as SBLC MT760.
The Client Required MT760:
The German trader started searching for a global supplier of raw leather and found a genuine one from Italy. The seller has the raw cow skin ready for shipment. But the buyer didn’t have the hard cash to purchase the cowhide right away. So, they discussed with the seller and agreed to conclude their deal based on the payment term Standby LC MT760.
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Availing SBLC MT760 from their bank seems to be a challenge for the buyer, because they didn’t have enough cash money for giving as a margin, and also, they don’t have the existing banking facilities. So, they discuss with their financial advisor to find a solution to this problem.
The Solution:
After analyzing the trade market, the financial advisor informed them to contact SBLC providers to avail SBLC on their behalf. So, they started surfing online to find the best one in the market. While searching, they came across our website. They visited our website & read the Bronze Wing Trading Case Studies page. After reading the case studies, they felt satisfied by the way we serve our clients. So, without further delay, they contacted us via phone. We asked them about their trade deal; also, informed them to send an email to us with all the leather deal info.
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Our Scope of Work in Issuing MT760:
We received the email from the client instantly. We studied their request carefully to verify whether they’re eligible to avail SBLC MT760 from us. Since they passed our terms, we approved their request. Also, we asked them to pay the admin charges to proceed with their Standby LC deal. After signing the service agreement with the client and receipt of admin charges, we structured their MT760 deal with our bank. Then, we sent the SBLC draft for their approval. We received the draft approval and issuance fee from the client within a day. Further, we informed our bank to issue the Standby LC on behalf of the German trader and in favor of the seller. Finally, as per our request, our bank issued the SBLC to the seller’s bank via Swift MT760.
Final Outcome:
Once the seller received the Standby Letter of Credit in their favor, they started shipping raw leather to the buyer’s port as per the agreed contract. The buyer received the cowhide skin and started utilizing it in their factory to manufacture different leather products.
Levi T., the German trader conveyed their thanks and gratitude to us for our prompt and swift service.
Apply for SBLC MT760,
To get a Standby Letter of Credit on behalf of your company at ZERO Collateral, contact us today! We, the SBLC providers in Dubai are here to extend our own Bank Facilities on behalf of traders who are looking to get Trade Finance without collateral. Submit your request to us & get started with your SBLC application process!
