Business introduction
The bill swap business refers to the business that the holder pledges one or more immature commercial bills held with CMBC, who will accept one or more banker’s acceptance bills whose maturities fall behind the maturity of the pledged bills to realize the payment. CMBC will conduct collection when the pledged bills become mature. The entrusted amount will be taken as a security of the acceptance applicant under the acceptance of CMBC for CMBC's debit when the bills accepted become mature.
Business process
1. The applicant provides the commercial bills to be pledged and other relevant materials to put forward business application to CMBC;
2. CMBC accepts that application and verify the authenticity of the pledged acceptance bill and the trade background of the acceptance bill;
3. Both parties transact the endorsement for the bill pledge, conclude a pledge contract and an acceptance agreement;
4. The applicant shall open a margin account; CMBC will accept the bill as its accepting bank;
5. When the pledged bill falls mature, CMBC will collect the money and transfer the entrusted amount in full amount to the margin account;
6. The banker’s acceptance bill accepted by CMBC will be debited form the margin account of the enterprise when the bill becomes mature.
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