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September 11, 2009

Standard Bank signs $1bn loan deal with Chinese banks

by Richard Kilner

Story link: Standard Bank signs $1bn loan deal with Chinese banks

South African firm Standard Bank has further strengthened links with China through a new US$1bn loan facility with a quartet of Chinese banks.

Involved in the deal are Industrial and Commercial Bank of China (Macau) Limited; Bank of China; China Development Bank and China CITIC Bank.

The club deal is thought to be the largest for a South African financial institution in China, and was organised by Standard Bank and the ICBC (Industrial and Commercial Bank of China).

Standard Bank Group Chief Executive Jacko Maree has described the agreement as a reflection of the trust the Chinese banking sector has in South Africa and emerging markets, as well as being an indication of the increasing co-operation between Standard Bank and a number of major Chinese banks.

The money will be used for general corporate purposes.

Nor is this the first foray of Standard Bank into the realm of co-operation in the international stage. In March the bank formed a partnership with Russian investment bank Troika Dialog, in which it acquired an initial stake of 33%.

 

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