Product Description

Glosco Limited, through its USA based associates, facilitates and manages the process of the opening of Letters of credit on behalf of its clientele, and continues the ongoing management of the letter of credit process throughout the period for which a transaction may occur. We uses the services of several Prime American and European Banks and several special purpose banks, because of the groups firm banking relationships, it is positioned to provide flexible and expedited services to its clientele. Due to the flexibility of the group, a specific collateral deposit is not required, and Glosco does not necessarily become a creditor to its client companies. We provide an augment to the banking or lending facilities which may be currently provided by other institutions. The services offered have facilitated excellent relationships between our clients and their overseas suppliers, thus allowing the growth of certain business segments which companies would otherwise not have the ability to pursue. From the past year until today we have had opened tens of Letters of Credit on behalf of clients based in North America, Europe, the Middle East and Asia. Please find below procedures and how the facility does usually processed:- How it works: Type of Facilities: 1) Transferable & non transferable Letter of Credits payable **0% at sight to client's supplier amounting to any amount. 2) Standby Letter of Credit 3) Performance Bond Guarantee Issuing banks: Barclays Bank PLC - Birmingham(UK) First American Bank – New York HSBC- New York or any other World Top Prime European or American Banks L/C Validity: Up to *0 **1 days (*0 days) or *0**1 days (**0 days). The letters of credit that we open are opened using our bank accounts at prime banking institutions. When you open the letter of credit through your bank, you use your credit line. When you open through us, you use our credit lines:- - No up front required - No collatrals - No security deposit or guarantees.