For example, the nominated bank is Citibank N.A. London. It can be identified as CITIGB2L, which is the SWIFT address of Citibank, London. This is option ‘a’ for field 41 (41a).
The other option is to indicate the nominated bank under this field by expressly indicates the name of the bank with the full address. For example,
No 88, The Strand,
London WC2R 0DW.
This is option ‘D’ for field 41 (41D).
In the case where the LC is made available by ‘freely’ negotiation or ‘non-restricted’ negotiation, the nominated bank would not be named. This field will be indicated with ‘any bank’. This wording, ‘any bank’ refers to any bank in the country of the seller which is willing to take up the documents and negotiates. Seller may present the documents to any bank of his choice in his country. If the seller decides to present the documents to Union Bank of California, New York instead of his other bank, Chase Manhattan, New York, The Union Bank of California, New York is deemed to be the nominated bank (Article 2, UCP600).
The word ‘by’ here refers to the availability of the LC, either by payment, acceptance, deferred payment or by negotiation. If the LC is made available by payment, acceptance, deferred payment or ‘restricted’ negotiation, the name of the nominated bank must be expressly indicated under this field either using option ‘a’ or option ‘D’.