FOREIGN OPERATIONS DEPARTMENT
INTRODUCTION
The foreign operations department carries out all foreign related transactions of the bank i.e. international trade transactions of the bank and other foreign services. Thus, the department facilitates trade among borders by payments or settlements of transactions between importers and exporters in International trade. The department reports to the General Manager, Systems and Operations.
FUNCTIONS
Services offered by the department are performed through four units Trade finance, foreign services, advisory services and reconciliation of returns. The Foreign services are as follows;
• Clean collections (cheuques for collection)
• Outward remittances and draft issuance
• Inward remittances
The Trade Finance products are also as follows,
• Documentary collections(import)
• Documentary collections(export)
• Documentary credits(import)
• Documentary credits(export)
Clean Collections
This is a means of collection of financial instruments not supported by commercial documents, both local and foreign on behalf of our customer e.g. cheques and bills of exchange (drafts). They fall under the following categories:
i. Local Collection/Settlement –these are in house cheques issued by our customers to customers of other banks. The collecting bank brings the cheque for collection. Upon receipt of these cheques, details such as the signatures are verified, amount in figures and words, dates etc are checked. If a customer has sufficient funds we debit customer’s account and cr ...