Standard Bank secures syndicated loan

JOHANNESBURG – South African banking group Standard Bank has secured a three-year US$600 million syndicated loan aimed at diversifying some exposure away from the local market investor base, it said yesterday.

The bank said it is the biggest private sector banking syndicated loan ever in South Africa. It was priced at 20 basis points over Libor.”We are delighted with the raising of the facility and on the amount and pricing achieved.Standard Bank’s ability to raise a three-year revolving facility involving 21 top international banks is a reflection of (its) standing in the international banking community,” Standard Bank CEO, Jacko Maree said in a statement.The group, Africa’s biggest banking group by assets, said the revolving credit facility will cater for continued lending growth in the personal and business banking sectors, black economic empowerment financing, infrastructure spending and an increase in corporate credit demand.The facility was arranged by Standard Bank on a stand-alone basis.Nampa-ReutersIt was priced at 20 basis points over Libor.”We are delighted with the raising of the facility and on the amount and pricing achieved.Standard Bank’s ability to raise a three-year revolving facility involving 21 top international banks is a reflection of (its) standing in the international banking community,” Standard Bank CEO, Jacko Maree said in a statement.The group, Africa’s biggest banking group by assets, said the revolving credit facility will cater for continued lending growth in the personal and business banking sectors, black economic empowerment financing, infrastructure spending and an increase in corporate credit demand.The facility was arranged by Standard Bank on a stand-alone basis.Nampa-Reuters