Mashreq Bank of the UAE says it is providing extensive support for banks writing letter of credit (L/C) business in Nepal.

During an event organised by Mashreq to mark seven years of its presence in Nepal, executive vice president of the bank's International Banking Group, Jan Willem Sudmann, said that Mashreq has also been providing a range of other services to local banks.

L/C confirmation

Sudmann urged Nepalese banks to contemplate using Mashreq's expertise and reach in L/C confirmation, trade financing and remittance services, among others.

As well as Mashreq, local banks have been obtaining trade financing facilities from several international banks, including Standard Chartered and Commerzbank.

Trade finance share

Mashreq claims it now has more than half of the market share in trade financing in Nepal.

It is also able to offer US dollar cheque clearing services through its New York branch and can help local banks with custodian and foreign currency investment services.

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