Okuzeka
Finance & Banking vocabulary · Trade Finance

Nominated bank

Meaning in finance & banking, with examples

nounAdvanced term

In finance & banking, nominated bank means: A bank with which a documentary credit is available for honour or negotiation under its terms.

In Turkish: görevli banka

How it is used

Nomination alone does not necessarily create a payment undertaking; distinguish nomination from confirmation.

Example sentences

  1. The exporter presented the documents to the nominated bank.

    The credit directs presentation to the designated bank.

  2. The nominated bank had not added its own confirmation to the credit.

    Being designated does not automatically mean promising payment independently.

Common collocations

  • nominated bank details
  • presentation to the nominated bank
  • letter of creditA bank's written promise to pay the seller in an international sale, provided that the seller presents the required documents, such as the bill of lading and invoice.
  • trade financeBanking products that help importers and exporters pay and get paid safely, and that finance goods while they are produced, shipped or sold.

More terms: Trade Finance

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This page explains English vocabulary for learners. It is not financial advice.