Mashreq Bank, a leading financial institution in the United Arap Emirates, recently closed Ksh 10 billion ($ 100 million) dual tranche syndicated term facility for Stanbic Kenya Bank Limited – a subsidiary of the Standard Bank Group. The transaction closed nearly two and a half times oversubscribed, a statement said.
Mashreq, the sole coordinating bank and book-runner for Stanbic Bank Kenya’s fourth international syndication attracted many investors. Fourteen partners from the EMEAI region participated including Afrasia Bank Limited, Al Ahli Bank of Kuwait K.S.C.P, Bank Muscat, Commerzbank AG, ICICI Bank, Investec Bank (Mauritius) Limited, London Forfaiting, Mizuho Bank, Ltd, National Bank of Ras Al-Khaimah, Standard Chartered Bank, State Bank Mauritius, The Mauritius Commercial Bank, United Arab Bank and Abu Dhabi Commercial Bank PJSC as agent bank.
Samir Gupta, managing director at Mashreq said: “It has been our honour to be the book-runner and sole coordinator for Stanbic Bank Kenya’s syndication. We have been associated with Stanbic Bank Kenya since their maiden syndication in 2014 and it is gratifying to see that we both view each other as strategic partners in our respective regions. The demand for Stanbic Bank Kenya’s paper shows the high regard that the GCC investors hold for the Standard bank group.”
Charles Mudiwa, chief executive of Stanbic Kenya stated: “Stanbic Bank Kenya is delighted to sign this loan in the two and three-year tenor with Mashreq and a syndicate of banks. Kenya is our home and this development underscores the lenders’ confidence in the country as well as our business and strategy which is geared towards driving her growth. The proceeds raised will go towards new lending and general corporate purposes, including trade related finance for the bank.”
Dr Rassem Zok, chief executive of The Standard Bank of South Africa Limited DIFC, Dubai, said: “We are grateful for the substantial interest that we have received from the Middle Eastern and International banks to participate in this new facility for Stanbic Bank Kenya. It is an important part of our franchise on the continent and we are delighted with the results achieved with this facility.”
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Stanbic Bank Kenya is a member of Standard Bank Group, which currently operates in 20 African countries: Angola, Botswana, DRC, Côte d’Ivoire, Ethiopia, Ghana, Kenya, Lesotho, Malawi, Mauritius Mozambique, Namibia, Nigeria, South Africa, South Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.
Story credit: TradeArabia News Service
