BMI Bank’s Global Trade Services (GTS) business unit was set up with a vision to become a regional provider of trade finance services and supply chain management solutions to our customers. GTS is one of the leading trade service providers in the country. Which follows a service oriented approach and is extremely sensitive to client needs and expectations?
GTS currently provides the following range of products and services:
Import letter of credit
BMI Bank has a strong relationship across an extensive network of regional and international banks. The Bank issues letter of credit to beneficiaries in various countries and provides confirmation at competitive rates. We offer all types of Import letters of credit. GTS business unit also offers technical expertise and guidance to each importer.
Guarantees and standby letters of credit
The bank provides different types of guarantees to meet both local and international needs. We offer the following types of Guarantees:
- Bid bonds / tender bonds
- Performance bonds
- Advance payment guarantees
- Retention money bonds
- Payment guarantees
- Credit substitution guarantees.
Export letter of credit advising and export bills negotiations
- To ensure results within the fastest time, BMI Bank’s GTS advises export letters of credit to beneficiaries within two days. The export letters of credit is thoroughly checked by experienced staff and any anomaly or contradictory clause noticed in the letters of credit is promptly taken up with the beneficiary and the issuing bank for necessary amendment.
- The export bills tendered under letters of credits are promptly scrutinized and discrepancies observed are communicated to the clients for rectification. The clients are also advised on how to comply with the terms and conditions of the letters of credits and, if required, on preparation of documents in accordance with letters of credit terms.
Import and export documentary collections
The Bank facilitates the need of importers and exporters by processing documentary collections.
provides advise and assistance on overseas markets and local markets to both parties.
Financing
The Bank offers financing on Imports and Exports. Major financing products on offer are:
- Import financing (Trust Receipt)
We provide importers with post import finance under the trust receipt facility. This enables imported documents/goods to be released to the client in Trust for the Bank for a pre-determined period at competitive interest rates.
- Export finance/bill discounting
Under Export letters of credits we do two types of financing – Pre-shipment financing in the form of packing credit and post shipment financing in the form of bill discount under export letters of credit.
Shipping Guarantees
We offer clients a Shipping Guarantee service to facilitate clearance of the consignment and avoid payment of demurrages/storage charges when cargo arrives in Bahrain prior to the receipt of shipping documents by the Bank.
Forfaiting
GTS offer Forfaiting products, whereby receivables represented by bills drawn under letters of credits of foreign banks are financed by us without recourse to the beneficiaries.
To view Global Trade Services standard charges, please click here.