Definition of Trade Related Payment Guarantee Product
- In principle, the product includes all the payment guarantees accompanying movement of goods.
- - Bid Bond / Performance Bond / Maintenance Bond
- - Customs Bond / Shipping Guarantee
- - Other payment guarantees accompanying movement of goods. (Stand-By LC and Advance Payment Guarantee)
- Other payment guarantees which have not been listed in the above, such as the clean payment guarantee without movement of goods, etc., are also handled by Citibank.
- - (e.g. payment guarantee on financing by the subsidiary in foreign country, payment guarantee on debt, and payment guarantee on corporate bond, etc.)
Main Target Customers
- - Contractors taking orders from overseas and trading company receiving advance payment
- - Payment guarantees issued by local financial institutions requiring confirmation or re-issuance
Advantages of Citibank
- - Brand value of the world-renowned Citibank
- - Additional charge is waived for the inter-branch transaction. (Re-issuance charge is currently levied by the local bank in case the bond is issued by the bank in Korea.)
- - More effective and speedy procedure can be expected as Citibank proprietary network is used for communication instead of SWIFT network
