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Friday September 11, 11:40 AM
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Standard Bank in $1 bln loan with 4 Chinese banks
DALIAN, China (Reuters) - Standard Bank, Africa's top bank by assets, said on Friday it had obtained a $1 billion loan facility from four Chinese banks, drawing on its equity tie-up with China's biggest bank to push into Asia.
One of the four Chinese banks behind the facility is ICBC, which owns 20 percent of Standard Bank and is the world's biggest bank by market cap, Standard Bank said in a statement.
The other three banks are Bank of China, China Development Bank and China CITIC Bank, Standard Bank said.
It added that the facility is a five-year one, repayable in a bullet capital single tranche at maturity, and that the facility is a "debut term loan for Standard Bank's fund raising in the Asian market."
"This deal will serve as a platform for future cooperation between Standard Bank and these banks across a range of different banking products and geographies to support Chinese companies going global into emerging markets," said Standard Bank Chief Executive Jacko Maree in a statement.
(For more news on Reuters Money click http://www.reutersmoney.in)
