Newcrest Mining, a gold exporter, located in Townsville has entered a contract of sale with Ludhiana Syndicate, a jewellery manufacturer located in Ludhiana in India for the sale of 10,000 ounces of gold at a price of $1900 per ounce. a. Newcrest Mining and Ludhiana Syndicate have decided that they will structure the transaction under a Letter of Credit (LC). Under the terms of agreement, Ludhiana Syndicate will open a LC in favour of Newcrest Mining for $19 million. Newcrest Mining's bank in Australia is ANZ Bank and Punjab National Bank in India is the bankers to Ludhiana Syndicate. The reimbursement on the LC will be made by United Overseas Bank, Singapore. In addition, Punjab National Bank has Commonwealth Bank in Australia as their correspondent bank, which they use for advising LC. Examine the role of all the banks mentioned in this transaction namely, Punjab National Bank, ANZ Bank, Commonwealth bank and United Overseas Bank.