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