At CB Bank, the clients can request for
1. Sight and/or Usance
2. Deferred Payment L/C.
3. Negotiation/Payment
4. Acceptance L/C
and can be opened by CB Bank both in Local and for selective Foreign Currencies.

The issuing bank issues the L/C and sends the same to a Nominated bank for advising the L/C to the beneficiary. The Advising bank hands over the L/C against the charges for L/C advising.

Subject to receipt of valid documents and approval of facility, L/C at CB Bank can be opened on the same day of receipt of application, before bank cut-off time.

It is not necessary to have the L/C fully utilised, depending on the Terms and Conditions of the LC. If the L/C is not utilised fully for the purpose intended and there can be remaining balance in the L/C after drawings under the L/C.

An irrevocable letter of credit cannot be cancelled, nor in any way modified, except with explicit agreement of all parties involved: the buyer, the seller, and the issuing bank including confirming bank, if any.

i) Clients can get Import Financing Facility which is known as Trust Receipt Financing where the Bank becomes the legal owner of the goods, and the Transport Documents are drawn accordingly.

ii) Importer may use the approved trade facility for Trust Receipt financing (TR) is a short terms loan (maximum 180 days) to be used as a working capital to import raw materials / goods to manufacture or resell. The borrower has to repay the bank upon sale of the goods etc

Under Import LC, Trust Receipt short-term financing of goods are mandatory consigned to the Bank and Bank is the Legal owner of the Goods. The Bank allows release of Goods to the buyer in Trust against undertaking to sell and repay proceeds to the bank upon sale of goods.

The Applicant (Buyer) may apply for a Shipping Guarantee (SG) issued/or counter-signed by CB Bank in favour of the shipping company. This is to facilitate clearance of cargo from the port and to avoid paying demurrage charges when the vessel is arriving before the receipt of shipping documents called for under CB Bank’s LC, This Shipping Guarantee will subsequently be redeemed by the Applicant when original BLs are presented under CB Bank’s LC

The Bill of Lading/Airway Bill must be consigned and/or endorsed to the order of the Bank to give title of the goods to the Bank.
TR Form plus bill of exchange, and Request letter with company letterhead, Sales Contract and Commercial Invoice.

Usance L/C Payable at Sight (UPAS) is Import Financing Scheme for financing the Importers for goods, services, and other trade related transactions. Under this financing the Exporter in the overseas country gets payment at Sight instead of Usance basis after their shipment while the importers can make the payment later upon maturity date to the Import LC issuing bank.

i) Subject to Trade Facility approval for issuance of Back to Bank L/C, Standard LC application form including Pre-signed Bill of Exchange, pre-signed invoice, original Master Export LC and all legal documentation consisting of as per pre-approval including Power of Attorney and others where required from Legal & Compliance including submission of required set of documentation sign by the applicant who verify the evidencing delivery and acceptance of goods.

ii) Inclusive of Cash Margin, if required as collateral, Application for issuance of Import LC or Back to Back LC, Sales Contract, Pro-forma Invoice and import license if imported goods are license items and/or all other relevant documents.

Exporter can receive Export L/C through CB bank. The Importer bank can choose CB Bank in Myanmar for advising the L/C, and usually both Issuing bank and Advising Bank have pre-arranged correspondence relationship and exporters /beneficiary of LC can collect the L/C from the bank by paying a small L/C Advising charges.

Registered Companies who are having Export Import Registration Certificate and maintaining account with any of the branches of CB Bank can avail the various facilities of Trade Services at CB Bank.

In CB Bank there are
i)Export Invoice Financing,
ii) Pre-Shipment Export Financing,
iii)Post Shipment Export Financing,
iv) Export LC Bill Negotiation,
v) Export Bill Collection Discounting Etc.

Exporter can receive up to maximum of 80 percent of Export L/C value for pre-shipment financing, under the Packing Loan/Credit.

After the Shipment is done the Exporter may submit Export Documents at the Bank for available Export Credit between 50 to 80 percent. There has to be Trade Facility created for availing Export Finance. There can be Export Bill Purchase / Discount with recourse basis under DA/ or DP. All Export Financing are Short Term Financing up to a maximum of 180 days.

Financing for Export Credit is up to 80 percent subject to approval of Trade Credit Facility.

Export Invoice Financing can be done at CB Bank up to 50 to 80 percent of the Invoice value subject to overall trade facility.

i) Yes, at CB Bank the Exporter /clients can ask for a L/C Transfer subject to Transfer Clause under of a “Transferable L/C” through only CB Bank at Advising bank.

ii) A Transferable LC is a documentary credit under which the Beneficiary (1st beneficiary) may request the bank specifically authorised in the credit to transfer the credit, available in whole or part to one or more secondary Beneficiary (ies). Issuance of Transferable LC is strictly subject to UCP600 Article 38.

Collateral is an asset or property that an individual or entity offers to a lender/Bank as security for a loan. It is used as a way to obtain a loan, acting as a protection against potential loss for the lender/ bank should the borrower default.

Once the client has agreed to apply for Trade Facility at CB Bank, the client must submit all the necessary required documents for approval of Facility. The Facility will be granted after due evaluation of the collateral security etc and client will be duly intimated.

Export Invoice Financing could be Minimum 30 days to Maximum 180 days, depending on the type of the goods/cargo.

Export Bill Purchase or commonly known as Export Collection Bill Purchase/Discount is a short-term financing scheme for exporters with full recourse basis. The Bank Finances from 50 to 80 percent of the Export Bill of the client with recourse basis subject to approved trade facility and credit limit.

Client must submit Export Bill with e.g. Commercial Invoice, Packing List, Transport documents (B/L, AWB etc) and all other relevant Shipping Documents along with Bank prescribe Application Form plus Letter of Assignment.

The Applicant (Buyer) may apply for a Shipping Guarantee issued by CB Bank in favour of the shipping company. This is to facilitate clearance of cargo from the port and to avoid paying demurrage charges when the vessel is arriving before the receipt of shipping documents called for under CB Bank’s LC. This SG will subsequently be redeemed by the Applicant when original BLs are presented under CB Bank’s LC.

100 percent of CASH margin of L/C amount value is required for issuance of Shipping Guarantee.

CB Bank can issue Bank Guarantees such as i) Bid Bond/Tender Guarantee, ii) Performance Guarantee, ii) Payment Guarantee, iii) Warranty Guarantee and iv) Advance Payment Guarantee, other than v) Financial Standby Letter of Credit which is also a type of Guarantee.

Any Individual or a Company having account relationship with CB Bank can apply for Issuance of Bank Guarantee/Standby L/C at CB Bank.

We can do remittances in USD, EUR, SGD, THB, CNY and JPY.

Country Name, Bank Name, Bank Swift Code, Bank Account Number, Bank Account Name, Purpose of Payment and ITRS Code should be given to your client for inward remittance.

CBM Approval, Loan Agreement, Loan Repayment Plan, Repayment Schedule are required for offshore loan.

Beneficiary can receive inward funds in USD, EUR, SGD, JPY, CNY and THB.

Expatriates’ salary remittance, Management Fees, Air Ticket Sales Revenue remittance to Parent Company, Export Refunds, Settlement loan principal plus interest to foreign banks, Tourism, Donation, Freight Charges, Education Fees, Aircraft Purchase, Aircraft Rental, Dividend, Compensation, Medical Expenses, Insurance Premium, Liquidation.

The processing time for Outward Remittance is T+1 if the completed documents are received at the counter by 12 noon. The Inward remittance is processed T+1 if the SWIFT message is received and our Nostro is credited.