Newsgroup: it.economia
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INTRODUCTION LETTER
O/Ref: Bütschi - 368/98			Geneva, 20th March 1998
Sirs,
Our group is looking for potential clients (intermediates welcomed). Our
clients asset/capital are fully
insured by Lloyd's of London. 
We are pleased to introduce our financial group and we kindly ask you to
accept some details and information about our company, strategies and
services.
CREDIT BANCORP is leading international financial services firm,
dedicated to providing specialized strategically structured financial
products and services (Commercial Finance, Commodity Trading, Debt
Recovery, Private Relationship Services, Real Estate, Refinancing,
Securities Lending, Corporate & Estate Planning, etc.) to Governments,
Institutions, Multinationals and Individuals of high net worth.
Behind CREDIT BANCORP is a group of internationally recognized legal
accounting and insurance firm engaged to insure that its clients benefit
from all regulatory and insurance strategies available world-wide.
Because of our adaptability, we can deliver a portfolio of innovative,
cost-effective financial products and services tailored to individual
and business need. CREDIT BANCORP spans the globe, including Asia, North
America, Europe, Africa and will soon have its own organization also in
Australia.
CREDIT BANCORP does not disclose client names to any governments,
individuals, brokerage firms, insurance companies, marketing lists
companies or to any other parties, for any reason. 
Hereby we give you a short over-view of one, among others, of our
strategies, terms, possibilities:
FULLY INSURED CREDIT FACILITY
· The CREDIT BANCORP Fully Insured Credit Facility accepts a wide
variety of assets as collateral. Acceptable assets include exchange
traded stocks (subject to acceptance by CREDIT BANCORP LTD.), 
government obligation bonds, high grade corporate obligations such as
commercial papers, medium term notes, bank guarantees, bills of
exchange, etc., currencies, precious metal, etc..
· The CREDIT BANCORP Fully Insured Credit Facility holds the securities
and generates returns via securities lending strategy. Unlike major
brokerage houses, the earnings are passed on to the asset owner in the
form of a "rebate". 
· The CREDIT BANCORP clients receive a custodial rebate of 6% p.a. in
addition to the market value of their assets by placing them in a CREDIT
BANCORP fully insured account (interest per year = 6%p.a. plus interest
on US Treasury Bills approx. 5.7% p.a.; total yield approx. 11.7% p.a.).
· The CREDIT BANCORP Fully Insured Credit Facility also offers the asset
owner the ability to borrow using the asset as collateral. The financing
rates are considerably lower (LIBOR + 1%) than those charged by the
major brokerage houses. In addition, the financing rate is only applied
to those funds withdrawn and the rebate is still paid on all
unencumbered assets.
· CREDIT BANCORP provides, to safeguard its client assets, the client
with a Certificate of Insurance up to USD 500,000,000.00, evidencing
that an all risk securities policy with Lloyd's of London, which
includes infidelity, is in place.
· The minimum participation is USD 250,000.00, in marginable assets.
ABOUT THE CBL FULLY INSURED CREDIT FACILITY STRATEGY
1. Is this an investment?
	The CBL Fully Insured Credit Facility is not an investment but a fully
insured credit facility strategy. Credit Bancorp has structured the
product in this way so as not to be mistaken as an unregistered
security. It is designed so that you can deliver either assets of your
choice, or cash with an instruction to the trustee that the cash be used
to purchase an acceptable security. The security will serve as the
collateral for the credit facility. The CBL Fully Insured Credit
Facility allows you to borrow against the collateral if and when you so
desire. In addition, Credit Bancorp pays a custodial rebate (in US$),
paid quarterly, based on the average value of the collateral that is
unencumbered. This rebate is over and above the rebates or interest paid
by the issuer of the assets. This rebate may fluctuate.
 
2. Are my assets safe?
	Yes. Your assets are held for the term of the CBL Fully Insured Credit
Facility in a Credit Bancorp account for which the insured trustee is
the signatory. All assets are fully insured by Lloyd's of London and
cannot be sold or traded by CBL and/or the trustee, unless instructed by
you in writing to do so.
 
3. Where are my assets held?
	Assets are held by the Insured Trustee in major worldwide banks or
brokerage firms.
 
4. What is my risk exposure?
	In the event that the security is US Government issued, then the risk
is a US Government risk. There is a double risk if the security is a
stock: (1) a drop in the value of the collateral if the market price
drops (2) accompanied by a reduction in the custodial rebate, as that
amount is based on the average weekly closing market price of the stock.
Any custodial risk is covered by the ALL RISKS SECURITIES POLICY issued
by Lloyd's of London in the event your assets are either lost or stolen
or if the trustee acts with infidelity.
5. How does Credit Bancorp make money?
	Credit Bancorp earns interest on loans to credit facility clients. In
addition, CBL receives value on its account for assets delivered and
held as collateral for the credit facility. That value allows CBL to
expand its own credit lines with its partner banks, which in turn
implement a CBL proprietary investment strategy. Basically, the bank
executes a simultaneous buy/sell transaction. All CBL client assets are
held, for the term of the credit facility, in First Banks or Brokerage
Firms rated AA or better.
 
6. What happens if the bank's trading departments loses money?
	That is a loss of the banks and has no relevance to Credit Bancorp or
you. 
 
7. How do I make money?
	You will receive the income on your assets (rebates) from the issuer,
and also receive a quarterly custodial rebate from Credit Bancorp; this
rebate amount will track market price fluctuations in the value of the
collateralized assets.
 
8. How long has Credit Bancorp been paying these extra rebates?
	Credit Bancorp has paid custodial rebates per the contracted amount for
more than thirty (30) consecutive quarters and has never missed a
payment. In the event Credit Bancorp should fail to pay the agreed
custodial rebate, you may immediately instruct the trustee to return
your assets.
 
9. May I buy or sell assets within my Credit Facility account?
	The Fully Insured Credit Facility is not designed to be used as a
trading account but will honor, by written instruction to the trustee,
all instructions. Instructions received by 5:00 p.m. ETD are executed on
the opening of the next business day, on an at the market order basis.
10. What if I need my assets returned?
	You may terminate the CBL Fully Insured Credit Facility at any time
without cost or penalty, by written instruction to the trustee. 
 
11. Will my name be held in confidence?
	Yes. Credit Bancorp does not disclose our client names to any
governments, individuals, brokerage firms, insurance companies,
marketing list companies, or to any other parties, for any reason. 
About the All Risk Insurance
1. Who produced the policy?
	Marsh & McLennan, Inc., NY, one of the world's oldest, largest and most
respected insurance brokerage firms in the world.
 
2. Who is the insurance company providing coverage?
	Lloyd's of London was selected by Marsh & McLennan, Inc., because it is
the only company in the world that provides an "All Risk Assets
Coverage".
 
3. How do I know the policy is current and in force?
	You will receive a Certificate of Insurance issued by Marsh & McLennan,
signed by one of its Vice Presidents, evidencing that the policy is in
place. The Certificate of Insurance names the Certificate Holder (You)
and identifies the assets delivered under the Credit Facility.
 
4. Who is the insured?
	The insured party is Credit Bancorp Ltd. by Lloyd's of London, based
upon CBL's internal procedures and controls, has issued an ALL RISK
ASSETS POLICY that covers those assets held by Credit Bancorp as
collateral for the CBL Fully Insured Credit Facility, including acts of
infidelity on the part of the trustee and/or Credit Bancorp.
5. What Does the Policy cover?
	The coverage is exactly as stated on the face of the Certificate of
Insurance as quoted: "All risks of physical loss or damage to negotiable
and non-negotiable assets and documents of value, anywhere in the World
in transit or at rest, including any premises of the Assured (Credit
Bancorp Ltd.) or any clearance system or agency with which assets are
held or deposited, any depository or sub-depository of any such
clearance system or agency or sub-custodian, from whatever cause
arising, to include acts of the insured trustee, including infidelity." 
 
6. Are there any exclusions to the coverage?
	Yes, there are two exclusions: (i) loss due to war, and/or (ii) nuclear
event.
7. What is meant by "acts of infidelity" by the trustee?
	Any dishonest action resulting in physical loss, including theft or
breach of fiduciary responsibility.
 
8. Has there ever been a claim on the policy since its inception?
	No.
9. What is the amount of coverage?
	Five Hundred Million Dollars ($500,000,000) each and every loss.
10. What happens in the event the trustee either loses or steals my
assets? 
	Marsh & McLennan, and Lloyd's of London, by working together, would
immediately cause the transfer agent to issue replacement assets.
CREDIT BANCORP can offer more interesting possibilities than any other
traditional financial institution. For any questions do not hesitate to
contact Mr. Rene R. Bütschi by e-mail 
r...@cbl.ch
 or Fax 
+41-22-7181850
.
We are looking forward to your reply.
Best regards,
CREDIT BANCORP LTD.
René R. Bütschi
Associate Vice-President
GENEVA - SWITZERLAND

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