Corporate Social Responsibility Report 2008 As ... - Access Bank

Corporate Social Responsibility Report 2008 As ... - Access Bank

• Interest payment is annualized and paid at maturity

less 10% WHT.

• May attract penalty if pre-liquidated.

• Not negotiable.


• Diversification, which reduces volatility of an

investment portfolio.

• 100% Principal Protection (if held to maturity).

• Potential for above-average returns.

• Address an extensive variety of investor requirements

and objectives.

Call Deposits

• Investments made with a bank at a fixed interest rate

and no maturity given (open ended).

• Accrued interest settled in arrears.

• Interest payment is annualized and paid less 10%


• Customer is at liberty to liquidate at any point in time.

• Contractual notice may be required.


• Statement-based account which provides interest on

the call deposit balance.

• Gain higher daily interest than Passbook Savings or

Uniplus accounts, and interest is accrued and

capitalised at month-end.

• A monthly statement of account.

Global Trade Finance

At Access Bank, we specialise in providing innovative

solutions to complex Trade Finance transactions. We have

developed a wide range of financial solutions for

importers and exporters. These products are designed to

assist the customer in managing their trade cycle


We have over 600 customers in all active sectors of the

economy and through our in-depth knowledge of

business sectors and our professional assessment of the

inherent risks at every stage of the trade cycle; we

structure products that provide the working capital

required for the different stages in the cycle. Such

products include:

• Loan – we out rightly give a loan in foreign currency

to our customers for the purpose of a trade

transaction and project financing.

• Clean Confirmation Facility – we extend clean

confirmation lines from our correspondent banks to

our customers for the purpose of confirming a letter

of credit or a guarantee issued on behalf of the

respective customers. The customer is expected to pay

back immediately documents are presented for


• Deposit Line Facility – we source funds and place

them as deposits for the purpose of confirming a

letter of credit or a guarantee issued on behalf of


• Issuance/Refinancing Line – we pay against

presented documents without recourse to the

customer until the maturity of the issuance.

Correspondent Banks

We also have strong alliances with 26 correspondent

banks as well as export credit agencies, development

finance institutions and multi-lateral agencies. Some of

our correspondent banks with whom we have banking

relationships include: ING Bank, Belgium; JP Morgan

Chase, UK; Standard Bank, South Africa; Standard

Chartered Bank, UK; UBS, Switzerland; United Bank for

Africa, New York; Union Bank, UK; Danske Bank,

Denmark; Nordia Bank, Sweden; Mashreq Bank, UAE;

ANZ; Bank of Beirut, UK; Byblos Bank, UK; BNP Paribas,

France; Citi Bank, New York; Commerz Bank, Germany;

Deutsche Bank, UK; FBN, UK; Fortis Bank, UK; HSBC,

South Africa; ICIC Bank, India; IFC, USA.

The total confirmation line facility with these above listed

banks is estimated to be in excess of $1,000,000,000 (one

billion dollars).


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