NAIROBI : CFC Stanbic Bank Limited, Kenya, a group company of Standard Bank Group Limited, South Africa signed a $155 million (Dh569 million) dual tranche term loan facility in Dubai. Emirates NBD Capital Limited was the sole coordinator and book runner of the financing.
Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, The Commercial Bank, Mizuho Bank, Ltd and Standard Chartered Bank joined the transaction as mandated lead arrangers alongside Emirates NBD Bank, while AfrAsia Bank Limited, Al Khaliji France and Commerzbank Aktiengesellschaft, Filiale Luxembourg participated as lead arrangers. Doha Bank participated as an arranger.
“The very positive response for this facility from the Middle Eastern and International banks again confirms interest in Africa and trust endorsed to Standard Bank Group’s strong financial position despite difficult market conditions. We are grateful as always for the support we have received from the regional FIs,” said Dr Rassem Zok, CEO Standard Bank of South Africa, MENA.
The financing, which will be used for general corporate purposes, was oversubscribed from the initial launch amount of $100 million.
“Since the beginning of the year we have arranged a number of syndicated loan transactions for African FIs. We are pleased to have again partnered with Standard Bank Group in yet another landmark transaction for its subsidiary, CFC Stanbic Bank Limited, Kenya. This transaction further cements our footprints in the African Loan & DCM markets,” said Mohammad Kamran Wajid, CEO, Emirates Financial Services and Emirates NBD Capital.