LPO FINANCING
This is more of a corporate account transaction; interested customer must have an operational current account with the bank.
Requirement
1) Evidence of the LPO.
2) The LPO can be written in the name of the Bank and the other beneficiary or beneficiary above.
3) Tripartite agreement must be executed by the parties involved i.e. the bank, the other beneficiary of the LPO and the company; this must be done before commencement of the project.
4) Payment must be domicile in the name of the Bank/other party.
5) Compulsory minimum contribution of 30% by the other beneficiary of the LPO.
6) Confirmation letter to the company to confirm the authencity/genuinty of the LPO.
7) Profit is share between the bank and the other beneficiary based on the contribution to finance the project e.g. 60% to 40%. (Negotiable).
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