STANBIC IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, which belongs to the Standard Bank Group, has secured its debut syndicated term loan facility.
The one-year transaction that was led by Mashreq Bank psc as Coordinating Bank and sole Book runner was oversubscribed.
Stanbic IBTC closed the syndication within six weeks of launch at a competitive pricing threshold given the prevailing market conditions.
The 8-bank syndicate comprised of long-standing relationship banks of Standard Bank Group, Stanbic IBTC Holdings’ parent company, that included Mashreq Bank psc, The Commercial Bank (Q.S.C.) and ING Bank N.V. as Mandated Lead Arrangers & Book runners, while Al Ahli Bank of Kuwait K.S.C.P., Al Khaliji France S.A., Commerzbank Aktiengesellschaft, Filiale Luxemburg, Doha Bank Q.S.C. and SBM Bank (Mauritius) Limited participated in the Facility as Mandated Lead Arrangers. Mashreq Bank psc is also acting as the Facility Agent for the transaction.
In a statement, Chief Executive, Stanbic IBTC Bank, Yinka Sanni stated that “Stanbic IBTC Bank is delighted with the reception of the syndicate banks to its debut deal. We appreciate the confidence that the syndicate has in Stanbic IBTC, as it reinforces our market leadership position in corporate and transactional banking and our commitment to supporting Nigeria’s economic growth. It will also help to boost our operations in Nigeria in line with our business objective of organically growing our footprint in the retail banking space.
The deal is yet another successful transaction this year where Standard Bank’s partner banks have again endorsed their trust and confidence in the Standard Bank Group”.
Chiradeep Deb, Managing Director and Head of Corporate Finance at Mashreq, said: “It’s been a privilege to lead book run and coordinate the maiden syndicated loan transaction for Stanbic IBTC. To have a fully subscribed deal in such challenging market conditions, against the backdrop of the fall in prices of commodities, is a testament to Stanbic IBTC’s financial strength and Standard Bank Group’s (SBG) strong relationship with its banking partners across the region.
Mashreq values its long-standing association with SBG and it is a pleasure to feature in multiple financings for the Group’s subsidiaries in Africa.”
Dr Rassem Zok, CEO Standard Bank of South Africa, MENA stated that “This transaction has a special significance for us being the debut deal of Stanbic IBTC. We are delighted with the response received on this facility for our Nigerian subsidiary; this is yet another successful transaction this year where our partner banks have again endorsed their trust and confidence in the Standard Bank Group”.

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