CFC Stanbic Bank Limited, Kenya US$ 135,000,000 Dual Tranche Term Loan Facility

3 Min | 04 April 2016

CFC Stanbic Bank Limited, Kenya, a group company of Standard Bank Group Limited, South Africa signed a US$135,000,000 dual tranche term loan facility on March 31st 2016, in Dubai

Dubai 4 April, 2016: CFC Stanbic Bank Limited, Kenya, a group company of Standard Bank Group Limited, South Africa signed a US$135,000,000 dual tranche term loan facility on March 31st 2016, in Dubai. Emirates NBD Capital Limited and Mashreqbank PSC were the Initial Mandated Lead Arrangers and Bookrunners of the financing.

Alongside Emirates NBD Bank PJSC and Mashreqbank PSC, Al Ahli Bank of Kuwait K.S.C.P, AfrAsia Bank Limited, bank muscat SAOG, Commerzbank Aktiengesellschaft, Filiale Luxemburg, Investec Bank Limited, SBM Bank (Mauritius) Ltd and United Arab Bank P.J.S.C. joined the transaction as Lead Arrangers. Al Khaliji France S.A. and Federated Project and Trade Finance Core Fund participated as Arrangers. The financing, which will be used for general corporate purposes, including, trade-related finance, was oversubscribed from the initial launch amount of US$ 100,000,000.

Gert Vogel, Head of CIB International for Standard Bank Group stated: "I am delighted to be in Dubai for this special occasion, our DIFC Branch has been instrumental in assisting to raise liquidity for the various entities of the Standard Bank Group, including South Africa, Nigeria, Zambia, Uganda and today Kenya. We are grateful to the dynamic regional FI community for their continued support, and look forward to maintaining and growing these relationships".

Ahmed Al Qassim, CEO, Emirates NBD Capital said "Since the beginning 2015 we have arranged a number of syndicated loan transactions for African financial institutions. 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 and Debt Capital Markets".

Faisal Lalani, Head - Institutional & International Banking, Emirates NBD Bank said "In our efforts to grow our global market share, we have been aggressively pursuing business from our counterparts in Africa including Standard Bank Group. Our efforts have resulted in us winning mandates to run their previous syndications for Kenya and Uganda respectively. This transaction serves as another testament of our growing relationship with Standard Bank Group".

Chiradeep Deb, MD and Head of Corporate Finance at Mashreqbank PSC said "We are pleased to lead yet another successful syndication for CFC Stanbic Bank Limited, Kenya, in coordination with Emirates NBD. Over-subscription for a relatively long tenor deal in Africa, amidst challenging global market conditions is a testament to Stanbic's financial strength and Standard Bank Group's (SBG) far reaching and deep relationship with core banking partners across the Middle East, Europe and Africa. Mashreq strongly values its long-standing association with SBG and it has been a pleasure to lead and arrange multiple financings for the Group's franchises in Africa. "

Samir Mohan Gupta, Head of Financial Institutions Division at Mashreqbank PSC, stated "The overwhelming response in the facility from the banking community reflects the increasing interest in Africa and trust endorsed to Standard Bank's strong financial credibility, despite constrained liquidity within the financial system. Standard Bank Group is a key relationship for Mashreq and the long standing partnership is thus being further reinforced with yet another successful transaction."

Mike Blades, Executive Director, CfC Stanbic Bank Limited said: We are extremely pleased that CfC Stanbic Limited has entered the loan market again in the two/three year tenor. The funding raised here will be deployed within our business in Kenya to support our customer franchise. The Middle East continues to be a key pillar in the global financial system and a key source of liquidity for African Banks and Corporates. We are pleased to be working again with our partners Emirates NBD Capital Limited and Mashreqbank PSC to raise the funding.

About CFC Stanbic Bank Limited, Kenya and Standard Bank Group Limited
CFC Stanbic Bank Limited, Kenya is a public limited liability company . Standard Bank Group Limited ("SBG") is Africa's largest banking group with presence in 19 African countries and is a major player in natural resources. ICBC of China is SBG's largest single shareholder.

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