Search results
Results from the WOW.Com Content Network
A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage, it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodities, particularly cloth merchants. Historically, merchant banks' purpose was to facilitate or ...
An example of this would be a customer wishing to borrow $1000 in cash having their bank buy $1,100 worth of a commodity such as iron from a supplier, buying the iron from the bank on credit with 12 months to pay the $1100 back, immediately selling the metal back to the bank for $1000 cash to be paid on the spot.
The buyer's bank is entitled to reject a dirty bill of lading, but will often accept it after an agreed reduction in price. [21] For examples, cargo could be leaking, or package could be damaged where the carrier has the right to issue a clause BL.
Those funds are then set aside in the bank's internal account until the cheque is cashed or returned by the payee. Thus, a certified cheque cannot "bounce", and its liquidity is similar to cash, absent failure of the bank. The bank indicates this fact by making a notation on the face of the cheque (technically called an acceptance).
Ally Financial (General Motors Acceptance Corporation), traded as GMAC until 2010; GMAC Insurance, former name of National General Insurance; GMAC Real Estate, a former real estate franchised brokerage firm; GMAC ResCap (Residential Capital), which includes GMAC Mortgage; Graduate Management Admission Council, an international association of ...
The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹12,000 crore (US$1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. [1] The fraud was allegedly organized by jeweller and designer Nirav Modi.
In the United States, the Uniform Commercial Code provides for acceptance even when terms of the acceptance differ from terms of the offer. This might occur, for example, when a buyer's "Terms and Conditions" differ from a seller's "Terms and Conditions" yet both parties behave as if a contract exists.
Ally Bank, one of the largest banks by assets in the United States, is also one of the first (the first, according to the bank) to operate a purely digital banking network in the country.The ...