Prominence Bank – Loan Application with Safe Keeping Receipt (SKR)

Yes, you may apply for a loan using a Safe Keeping Receipt (SKR) issued by Prominence Bank. An SKR serves as valuable collateral, enhancing the likelihood of securing financing.

Key Considerations:

• Separate Services: Asset custody and loan provision are distinct services. Custody of your assets must be established before the loan application process can proceed.

• Performance Bond Insurance Policy: We strongly recommend obtaining a performance bond insurance policy, as it substantially improves loan approval prospects. When combined with your SKR and “Full Bank Responsibility,” this collateral is widely recognized by financial institutions.

• Loan Approval: The presence of an SKR is an important factor; however, final approval is determined by Prominence Bank’s Credit Department. The SKR agreement does not in itself guarantee loan approval.

Loan Procedure:

1. Open a Custodian Account: This account will hold your pledged assets.

2. Deposit Assets: Assets must be deposited with the bank.

3. Asset Evaluation: An approved bank appraiser will assess the market value of your assets.

4. Loan-to-Value (LTV) Ratio: Based on asset valuation, loan amounts typically range between 20% and 65% of appraised value.

5. Performance Bond Insurance Policy: Following asset evaluation and pre-approval, a performance bond insurance policy will be required.

6. Loan Disbursement: Once all conditions are met, loan funds will be disbursed within 72 business hours.

Important Notes:

• Asset Valuation Impact: Higher asset valuations improve loan approval chances and allow for more favorable terms.

• Client Responsibility for Costs: All expenses related to custody, insurance, appraisal, and related services are the responsibility of the applicant.

Cost Structure:

• Custodian Account: €25,000 upon application, plus 2% of the SKR face value (payable within six months or at loan disbursement).

• Asset Deposit: No charge.

• Asset Appraisal: Fees payable directly to the approved appraiser.

• Loan Application: No application fee.

• Performance Bond Insurance: Typically 0.05% to 2% of the insured value (recommended providers include Lloyd’s of London).

Yes. You may fund your account with USDT or BTC. Prominence Bank will convert your deposited cryptocurrency into your account’s currency (e.g., USD, EUR). We do not offer crypto trading services—we only process deposits and fiat conversion.

Yes. We accept deposits in multiple currencies; standard exchange/conversion fees apply (see the Fee Schedule). Using your account’s designated currency minimizes conversion costs. 

No, we do not offer POS services at this time.

Yes. We accept USDT (TRC-20) and BTC deposits and convert them into your account’s fiat currency after compliance checks. We do not offer trading services. Fees for conversion/network may apply (see Fee Schedule). 

Prominence Bank offers a broad range of services, including personal and corporate banking, KTT account transfers, SBLCs and Bank Guarantees, escrow services, cryptocurrency accounts, structured finance, corporate finance, private banking, trade finance, and investment banking solutions.