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30 Baker Building
Financial services 20 Oct 2020

Standard Bank of South Africa successfully closes USD 520 million Syndicated Term Loan Facility

The Standard Bank of South Africa Limited (“SBSA”) has today successfully signed a USD 520 million syndicated term loan facility (the “Facility”). The Facility, coordinated by Industrial and Commercial Bank of China Limited, (“ICBC”), comprises a 36 month term loan facility.

The deal, targeted at Chinese lenders, was very well received in the Chinese loan market. 7 banks have participated in the Facility, which will be used for general financing purposes.

Lungisa Fuzile, CEO of The Standard Bank South Africa, says: “The successful syndicated loan facility speaks to Standard Bank’s deep commitment to the societies in which we operate, leveraging the Group’s extensive footprint and expertise across the full product range, for our personal, business and corporate customers.”

As at 30th June 2020 Standard Bank Group Limited was the largest African banking group by assets and operates in 20 countries on the African continent. The Standard Bank of South Africa Limited is a wholly owned subsidiary of Standard Bank Group Limited and is the single largest operating entity within Standard Bank Group Limited, contributing the majority of the group’s assets and earnings.

The syndicate comprises ICBC group members, China Development Bank, The Export-Import Bank of China, China Construction Bank Corporation, Shanghai Pudong Development Bank Co., Ltd. and Afrasia Bank Limited.