Success Story B. Braun
Letters of credit: The right tool for global players
With over 57,000 employees in 64 countries, B. Braun is one of the world's leading manufacturers of medical devices and pharmaceutical products and services. Through constructive dialog, B. Braun develops high quality product systems and services which contribute to improving the health of people around the world. In 2015, the Group generated sales of around 6.13 billion euros.
The B. Braun Melsungen AG Group comprises 262 companies in 64 countries. The Group operates production sites in Brazil, China, Germany, the Dominican Republic, France, Malaysia, Poland, Switzerland, Spain, Hungary, USA and Vietnam, to ensure they always stay close to their customers.
B. Braun was looking for an experienced partner who understands the specific requirements of exporters and importers, and who is able to develop bespoke solutions as part of a complete package of services. It was important for B. Braun to have appropriate safeguards in place for the smooth handling of regular deliveries and payment flows, especially when developing new markets, such as in Africa.
The key aspects of letters of credit are in their detail, i.e. which documents need to be submitted and what they must or must not contain. Imprecise formulations can lead to disputes between business partners so Commerzbank advises and assists B. Braun Melsungen AG with document preparation to ensure the terms of a letter of credit are met. When putting together the package of services for each case, the first task is to structure the requirements of the exporter and importer to bring clarity to complex situations. This approach, combined with Commerzbank’s knowledge of the documentary business, results in successful solutions, above all for complicated cases that at first sight may appear impossible.