Lc Report On Ucb

4818 words - 20 pages

FIN 425 | |
|Letter of credit |
|Importance and Application in the Context of Bangladesh |
| |
|[Group 1 |
|4/7/2009 |

| ...view middle of the document...

1.3 Product/service offerings
UCB bank basically offer saving and deposit schemes to its clients. Besides this UCB also offers some noteworthy services like travelers cheque, loan syndication, L/C (import and export finance) etc.

• UCB Multi Millionaire
• UCB Money Maximizer
• UCB Earning Plus
• UCB DPS Plus
• Western Union Money Transfer
• SMS Banking Service
• Online Service
• Credit Card
• One Stop Service
• Time Deposit Scheme
• Monthly Savings Scheme
• Deposit Insurance Scheme
• Inward & Outward Remittances
• Travelers Cheques
• Import Finance
• Export Finance
• Working Capital Finance
• Loan Syndication
• Underwriting and Bridge Financing
• Trade Finance
• Industrial Finance
• Foreign Currency Deposit A/C

2.0 Chapter - 2

2.1 Letter of Credit (LC)
A letter of credit is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking (it can also be revocable, confirmed, unconfirmed, transferable or others e.g. back to back: revolving but is most commonly irrevocable/confirmed) to a beneficiary against complying documents as stated in the Letter of Credit. Letter of Credit is abbreviated as an LC or L/C, and often is referred to as a documentary credit, abbreviated as DC or D/C, documentary letter of credit, or simply as credit (as in the UCP 500 and UCP 600.
L/C is an important financial instrument that plays the pivotal role of the foreign exchange transation in international business.

2.2 Objectives of Our Report
We had several objectives behind creating this report. The objectives were to find out:

✓ Forms of letter of credit.
✓ Parties of letter of credit.
✓ Types and Contents of L/C.
✓ Procedure of opening an L/C.
✓ Benefits, Problems of L/C.

2.3 Methodology

2.3.1 Primary data:

To collect the primary data we had to visit the Mohakhali branch of the UCB Ltd which handles the foreign exchange transaction of this bank. We interviewed Mr. Md. Zinnatul Hasan, who is the Executive Officer of UCBL in Foreign Exchange Branch and thus collected the relevant information.

2.3.2 Secondary data:
For the secondary sources of data we visited company website.

2.4 Limitations
We had to face some problems during collection of the necessary information. One of the main problems was lack of accessibility to financial information those were relevant to our report. For example we did not find the financial statements for the years after 2005. Company management was also unwilling to gives us those report when we met them.

3.0 Chapter - 3

3.1 Analysis
Generally business occurs between two parties (buyer & seller) for trading. So there should be reliability between these two parties, but as this reliance is declining or reducing in personal level there fore the idea L/C came into being. With L/C, bank...

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