The most sought after business consultants, researchers and publishers, Tectono
Business Review, gathered that Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings Plc, which belongs to the Standard Bank Group, has secured its
debut syndicated term loan facility. The one-year transaction that was led by MashreqBank psc as Coordinating Bank
and sole Bookrunner, was oversubscribed. Stanbic IBTC closed the syndication within
six weeks of launch at a competitive pricing threshold given the prevailing
market conditions.
The 8-bank syndicate comprised of long-standing relationship banks of
Standard Bank Group, Stanbic IBTC Holdings’ parent company, that included
MashreqBank psc, The Commercial Bank (Q.S.C.) and ING Bank N.V. as Mandated
Lead Arrangers & Bookrunners, while Al Ahli Bank of Kuwait K.S.C.P., Al
Khaliji France S.A., Commerzbank Aktiengesellschaft, Filiale Luxemburg, Doha
Bank Q.S.C. and SBM Bank (Mauritius) Limited participated in the Facility as
Mandated Lead Arrangers. MashreqBank psc is also acting as the Facility Agent
for the transaction.
In a statement, the Chief Executive of Stanbic IBTC Bank Limited, Yinka Sanni, stated that “Stanbic IBTC Bank is delighted with the reception of the
syndicate banks to its debut deal. We appreciate the confidence that the
syndicate has in Stanbic IBTC, as it reinforces our market leadership position
in corporate and transactional banking and our commitment to supporting Nigeria’s
economic growth. It will also help to boost our operations in Nigeria in line
with our business objective of organically growing our footprint in the retail
banking space. The deal is yet another successful transaction this year where
Standard Bank’s partner banks have again endorsed their trust and confidence in
the Standard Bank Group”.
The Managing Director and Head of Corporate Finance at Mashreq, Chiradeep Deb, said: “It’s been a privilege to lead book run and coordinate the
maiden syndicated loan transaction for Stanbic IBTC. To have a fully subscribed
deal in such challenging market conditions, against the backdrop of the fall in
prices of commodities, is a testament to Stanbic IBTC’s financial strength and
Standard Bank Group’s (SBG) strong relationship with its banking partners
across the region. Mashreq values its long-standing association with SBG and it
is a pleasure to feature in multiple financings for the Group’s subsidiaries in
Africa.”
Dr. Rassem Zok, the Chief Executive Officer of Standard Bank of South Africa, MENA
stated that “This transaction has a special
significance for us being the debut deal of Stanbic IBTC. We are
delighted with the response received on this facility for our Nigerian
subsidiary; this is yet another successful transaction this year where our
partner banks have again endorsed their trust and confidence in the Standard
Bank Group”.
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings Plc, a full
service financial services group with a clear focus on three main business
pillars - Corporate and Investment Banking, Personal and Business Banking and
Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs,
is the largest African bank by assets and market capitalization.
It is rooted in Africa with strategic representation in 20 countries on
the African continent, including South Africa. Standard Bank has been in
operation for over 153 years and is focused on building first-class,
on-the-ground banks in chosen countries in Africa and connecting other selected
emerging markets to Africa and to each other, applying sector expertise,
particularly in natural resources, globally.
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