IntroductiontoLGbusiness-Boc.docVIP

Bank of China 頁  PAGE \* MERGEFORMAT 3 Introduction to LG business Letter of guarantee (LG) has long been one of Bank of China’s competitive products. In recent years, along with China’s fast economic growth and its further integration to the world economy after the WTO accession, there has been a marked rising demand for LG from Chinese and foreign clients alike, which greatly drives the LG expansion of the Bank. ? Leveraging on its favorable international reputation and strong LG capabilities, the Bank has reaped a major share of the LG market. In particular, its foreign guarantee made for domestic organizations takes up over 75% of the market share. ? BOC has been focusing on meeting the customers’ demands and developing new products. To this end, BOC took the lead in introducing feature products like guarantee for payment of taxes on processing trade and “special risk fund for guarantee for contracts of foreign projects”. Such efforts, as active response to the state policies on economic development, help develop China’s processing trade, overseas project contracting and labor export and beef up the import and export trade. ? BOC has evident competitive edge in its LG business in all aspects: extensive network of domestic and foreign branches and correspondent banks; high international credit; excellent LG team; decades of experience in LG transactions; sound management over operation and good system for risk control; full range of LG products. BOC can satisfy the customers’ need for a variety of LG products, and offer them quality and efficient service. ? To acquaint you with the LG business and help you make a wise choice over LG products, we’d like to make an introduction to BOC’s LG lines in the following respects: Basic concepts of LG LG is a written undertaking made by the guarantor at the request of the applicant to the beneficiary, guaranteeing that the applicant will perform obligations under the contract signed between the applicant and the bene