Stanbic Kenya raises $100 million syndicated loan

Published 2018/05/02, 08:33
Updated 2018/05/02, 08:40
© Reuters.  Stanbic Kenya raises $100 million syndicated loan
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DUBAI, May 2 (Reuters) - Stanbic Bank Kenya, a subsidiary of South Africa's Standard Bank Group SBKJ.J , has raised a $100 million dual-tranche syndicated loan coordinated by Mashreq Bank MASB.DU , the United Arab Emirates bank said on Wednesday.

The loan, with maturities of two and three years, is Stanbic Kenya's fourth international syndication. It was two and a half times oversubscribed.

The proceeds will be used for new lending and general corporate purposes, “including trade related finance for the bank,” said Charles Mudiwa, the Kenyan bank's chief executive.

A group of 14 financial institutions participated in the facility. The group comprises Afrasia Bank Limited, Al Ahli Bank of Kuwait, Bank Muscat, Commerzbank (DE:CBKG), ICICI Bank, Investec Bank (Mauritius), London Forfaiting, Mizuho Bank, National Bank of Ras Al-Khaimah, Standard Chartered (LON:STAN) Bank, State Bank Mauritius, The Mauritius Commercial Bank, United Arab Bank and Abu Dhabi Commercial Bank.

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