Case Study: Bronze Wing Trading Case Study:Provided Confirmed Bronze Trading Issued LC to Wing a Nigerian Trader
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Story Overview Bronze Wing Trading L.L.C., Letter of Credit Providers in Dubai helped a Nigerian trader to import PPE supplies from China by providing Confirmed LC.
Problem: Nigerian Trader Required Confirmed LC Understanding the global demand of PPE supplies in the market, a Nigerian trader decided to purchase PPE supplies to supply it to the local market and earn more benefits. For that, they started searching for a supplier and finally chosen the reliable supplier from China. The Chinese supplier was ready to start the shipment of the supplier as per the agreed contract. But the buyer didn’t have enough cash funds in their hand for concluding the trade transaction. So, they discussed with the supplier and they both mutually agreed to conclude the deal by using Confirmed LC.
Challenge: To Avail LC MT700 from Trade Finance Providers The Nigerian trader contacted their bank to avail LC MT700 on their behalf. But the bank declined their request, as they didn’t meet the demands outlined by the bank. So, they decided to avail Letter of Credit from private financial institution and starting searching online. While searching for Letter of Credit Providers on Google, they came across with our LinkedIn Profile and contacted us with their LC request.
Solution: BWT Issued LC MT700 without Cash Margin Once we received the request from their end, we analyzed their request carefully to find whether they met all our parameters or not. Since they fallen into our criteria, we approved their request and asked them to pay the admin charges and to sign the service agreement. After that, we structured their LC transaction as per the trade deal and sent the LC draft for their review and approval. The buyer approved the draft and provided the LC issuance fee charges and other documents related to their trade deal. After receiving all the details from the buyer, we instructed our bank to issue the Letter of Credit from our bank account on behalf of the buyer. As per our request, the bank transmitted the required LC to the developer’s bank account via SWIFT MT700.
Final Outcome: The Nigerian Buyer Received the LC MT700 in Favor of the Chinese Supplier And the Deal Concluded Successfully! Read the Full Story Submit Your Requirements to:
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