CfC Stanbic Bank executive director Mike Blades. PHOTO | FILE
By EDWIN OKOTH
In Summary
- CfC Stanbic Bank Thursday signed a Sh13.5 billion two-tranche term loan as it seeks to boost its business in Kenya and the region.
CfC Stanbic Bank Thursday signed a Sh13.5 billion two-tranche term loan as it seeks to boost its business in Kenya and the region.
The multimillion dollar transaction was arranged by 14 key
institutions including Emirates NBD Capital Limited (ENBD) and
Mashreqbank PSC.
It was oversubscribed by Sh10 billion.
“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,” CfC Stanbic Bank executive director
Mike Blades said after the transaction in Dubai.
Other lead arrangers of the multimillion dollar
transaction included Al Ahli Bank of Kuwait K.S.C.P, AfrAsia Bank
Limited, Bank Muscat SAOG, Commerzbank Aktiengesellschaft, Filiale
Luxemburg, Investec Bank Limited, SBM (Mauritius) Ltd and United Arab
Bank P.J.S.C.
Last year, the South Sudan turmoil and currency
devaluation ate into CfC Stanbic’s otherwise good full-year earnings the
previous year, pushing it back 14 per cent to Sh4.9 billion net profit
from Sh5.7 billion posted in 2014.
Standard Bank Group Head of Corporate and
Investment Banking International Gert Vogel said the financing, which
had initially targeted to raise Sh10 billion, was oversubscribed, a move
that will further boost the bank’s liquidity across the networks.
“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,’’ Mr Vogel said.
“We are grateful to the dynamic regional financial
institutional community for their continued support and look forward to
maintaining and growing these relationships.”
Emirates NBD Capital Chief Executive Ahmed Al
Qassim said the firm had arranged a number of syndicated loan
transactions for various African financial institutions and was pleased
to have partnered with Standard Bank Group’s landmark transaction.
CfC owner, South African Standard Bank, is the largest lender in Africa.
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