Standard Bank signs multi-billion rand loan

(File, Standard Bank)
(File, Standard Bank)

Johannesburg - Standard Bank on Wednesday signed a R8.6bn, 36-month term loan facility in London.

The transaction was launched at $300m on 3 November and the bank decided to increase the transaction almost two weeks after the launch, Standard Bank said in statement.

An over-subscription of $400m was obtained, allowing for a final take of $700m.

"There are 20 banks participating in the transaction," the bank said.

The banks are from the US, United Kingdom, Europe, the Middle East, Mauritius and the Far East.

The head of treasury at the bank, Arno Daehnke, said this was the second time within the last quarter that Standard Bank SA had approached the loan market to raise three-year term funding.

Daehnke expressed his appreciation to the group of 20 international banks.

The money raised would be used for general corporate purposes, including trade-related finance and infrastructure and power and mining-related lending transactions in sub-Saharan Africa.

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