CLOSING PROCESS The closing procedures are fully Bank-compliant and have been approved by our Transacting Bank, HSBC, Hong Kong (Legal Dept.): 1. The Buyer and Seller sign the contract (which is transmitted electronically) and lodge the legally binding agreement with their respective Banks. 2. The Seller's Bank Officer contacts the Buyer's Bank Officer during the appointed Bank "window time". The Bank Officers confirm the “readiness” status of their respective bank customers. 3. The Buyer's Bank Officer transmits a Bank Confirmation Letter via SWIFT MT 799 confirming the Buyer’s financial capability. During the same bank “window time”, the Seller’s Bank Officer remits a SWIFT MT 600 confirming that the Bank holds in its possession the original product documents in the Seller’s name. Note: Where the Buyer's Bank is HSBC, Hong Kong, POP/POF verification is conducted internally inside the Bank. The Buyer's Bank Officer transmits a Bank Tear Sheet via bank fax...
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