How can I request or obtain a Letter of Credit or Bank Guarantee from Prominence Bank?

First, you need to be an account holder with Prominence Bank. Once you have an account, the process is generally as follows: you contact our Trade Finance department or your relationship manager with details of the transaction that requires the instrument. For an LC, this would include the sales contract or pro forma invoice, the amount, beneficiary details, and the terms you need. For a Bank Guarantee/SBLC, you’d outline the purpose, amount, beneficiary, and expiry/conditions. The bank will perform due diligence on the transaction and may require collateral or a cash margin (often a certain percentage of the instrument’s value) depending on the deal structure. After terms are agreed and any required funds are in place, Prominence Bank issues the instrument via SWIFT to the beneficiary’s bank. The timeline can be quite fast – issuance may take a few banking days after approval. We support our clients through the paperwork and ensure the instrument’s wording meets the beneficiary’s requirements. Always reach out well in advance of your deadline so we can tailor the instrument appropriately.