May 2, 2018 / 6:35 AM / in a year

Stanbic Kenya raises $100 million syndicated loan

DUBAI, May 2 (Reuters) - Stanbic Bank Kenya, a subsidiary of South Africa’s Standard Bank Group, has raised a $100 million dual-tranche syndicated loan coordinated by Mashreq Bank , 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, ICICI Bank, Investec Bank (Mauritius), London Forfaiting, Mizuho Bank, National Bank of Ras Al-Khaimah, Standard Chartered Bank, State Bank Mauritius, The Mauritius Commercial Bank, United Arab Bank and Abu Dhabi Commercial Bank. (Reporting by Tom Arnold, writing by Davide Barbuscia, editing by Louise Heavens)

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