issuing bank
Definition
Buyer's or importer's bank which establishes (opens) a letter of credit (L/C) in favor of a beneficiary (seller or exporter), forwards it to an advising bank for delivery to the beneficiary, and commits itself to honor demand drafts drawn by the beneficiary against the amount specified in the L/C. Also called opening bank.
Mentioned in these definitions
Mentioned in these terms
Popular 'Accounting & Auditing' Terms
issuing bank in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/issuing-bank.html
