The activities of the International Operations department include:

1. Form ‘m’ Registration & Documentary Collections:

• Payments of imports under Bills for Collection arrangement (Document against acceptance/ Payment).
• Registration of ‘M’ form - both for 'Valid for foreign exchange' and 'Not Valid for foreign exchange'.
• Import Duty Collection: the bank via all its branches collects import duty on behalf of the government.
• Processing of Import Documents.

The Basic Documents For Importation Are:

• Form ‘M’
• Pro-Form Invoice
• Insurance (to be arranged locally)
• Customer’s authority letter

The department relates with the Pre-Shipment Inspection Agents, Nigerian Customs and other relevant authorities in the processing of import documents such as:

• Approved Form ‘M’
• Original Final Attested Invoice
• Bill History
• Bill of Exchange
• Bill of Lading
• Exchange Control Documents i.e. customs clearing documents
• Clean Report of Inspection (CRI) and Customs Duty Receipts.
• Customer’s Authority to pay.

2. Documentary Credits:

Establishment of Letters of Credit such as:

• Irrevocable Clean Confirmed Letter of Credit
• Irrevocable Cash Confirmed Letter of Credit
• Irrevocable Unconfirmed Letter of Credit
• Discounting Letter of Credit Facility

3. Invisible Trade Transactions:

• Business & Personal Travel Allowance
• Subscriptions, School Fees & Maintenance Allowance
• Dividend & Royalties Payment
• Medical Expenses
• Technical Services Agreement
• Management Fees
• Capital Importation/Repatriation
• Personal Home Remittance
• Foreign Cheque Clearing
• Collection of Funds Overseas

This list is in exhaustible.

Payments are made either by telegraphic transfers (TT) or by foreign drafts. However, for Travel Allowances, payment is by cash or travellers’ cheques.

4. Export Services & Domiciliary Accounts

• Maintenance of Domiciliary accounts both in cash and inflow basis.
• Processing of N&P forms for Exportation business.