China banks lend US$1 billion to SA’s Standard Bank

BEIJING – South Africa’s Standard Bank said Friday it had obtained a one billion dollar loan facility from four Chinese banks, marking the first time it has raised money in Asian capital markets.

‘This transaction is a first for a South African borrower dealing in the Asian market,’ Standard Bank chief executive Jacko Maree said in a statement.Industrial and Commercial Bank of China, which has a 20 per cent stake in Standard Bank, is among the four lenders.The other three are Bank of China, China Development Bank and China CITIC Bank.The five-year arrangement will be used for ‘general corporate purposes’ and will be repayable in full in a single tranche at maturity, Maree added.’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,’ Maree said. -Nampa-AFP

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.

The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.