Line of Credit Totaled 100 Million Yuan! "SCODA Bank-Customs Connectivity" Customs Guarantee Product Launched!

On June 18, "SCODA· Bank-Customs Connectivity" Customs Guarantee Product Launching Ceremony & Signing Ceremony for Strategic Partnership between Qingdao Rural Commercial Bank and Habib Bank of Pakistan was held in Jiaozhou. It represented the latest achievement of the institutional innovation of the SCODA. 

It was reported that thanks to the joint research, analysis and promotion of several departments including Qingdao Customs, Qingdao Bureau of Commerce, and Qingdao Rural Commercial Bank, the customs guarantee product is both standardized and convenient to use. Detailed business procedures, risk control, line of credit, termination mechanism and liaison mechanism were stipulated. The amount of customs guarantee should not exceed 15% of a company's annual customs duty in the previous year, or 110% of a company's highest monthly customs duty in the previous year. The highest line of credit for an individual company should not surpass 10 million RMB, while the total line of credit for this business should not exceed 100 million RMB.

During the event, Qingdao Rural Commercial Bank signed cooperation agreements on "SCODA · Bank-Customs Connect" Customs Guarantee Product with four companies, including Qingdao Pinpinhao Grains and Oils Group, Qingdao Hua-Nuts Food Stuff Co., Ltd, Qingdao Huatongyuan International Trading Co., Ltd, Qingdao Lianheguoxin Economic and Trading Co., Ltd. Qingdao Rural Commercial Bank also signed a strategic partnership with the Habib Bank of Pakistan.