confirming bank


Also found in: Financial.
Related to confirming bank: Advising bank, letter of credit
Translations

confirming bank

References in periodicals archive ?
Acting as a confirming bank across OECD markets is a key part of The Access Bank's growing opportunities in trade finance for itself and its customers.
She said that under the GTFP, UNB as a Confirming Bank would partially or fully benefit from guarantees of IFC in covering payment risks on issuing banks in emerging and non investment grade markets.
Summary: RIYADH: The Saudi British Bank (SABB) has been named the "Most Active Confirming Bank in the Middle East & North Africa and Supporter of SME Trade" by the World Bank's International Finance Corporation (IFC) for the second consecutive year.
Premier Foods wasted little time this week in confirming Bank Holiday press reports that it was eyeing potential acquisitions.
Confirmed A second assurance of payment irrevocable credit (usually a UK bank) prevents surprises and means that the issuing bank has been deemed acceptable by the confirming bank.
This product provides comprehensive coverage to the confirming bank against the failure of the Trade Bank to pay the confirming bank under an irrevocable letter of credit.
5 per cent in the three months to December, confirming Bank of England fears that low unemployment is starting to feed through into potential inflationary pay increases.
As soon as the goods are shipped, the seller can deliver the required documents to the confirming bank to receive full payment for the goods.
This bank is usually located in the country of the exporter, and if the foreign bank does not pay, the confirming bank will take responsibility for payment.
Best practices for advising clients that are considering entering into a contractual relationship with a bank that is rumored to be in financial trouble, including how to investigate the banks financial situation, how to structure your deal so that your clients risk is distributed across multiple banks (through a syndicated loan commitment, letter of credit with a confirming bank, or other risk-diversifying option), and how to structure your contract in a way that diminishes the FDICs motivation to later repudiate the contract
In addition, each LOC is subject to being drawn down upon failure by either its issuing or confirming bank to renew its commitment or a lowering of the rating of its confirming bank.
IFC covers payment risks for 172 banks in 77 countries, under which, First Gulf Bank will register all of its branches and subsidiaries as a Confirming Bank, which will allow FGB to undertake risk exposure in emerging markets private trade flows with the safeguarding of the IFC and its availing covers.