By Ivan Anderzhanov in Moscow
Standard Bank, the emerging markets banking group, has raised $1bn loan facility with four major Chinese banks in Macau today.
The four banks are Industrial and Commercial Bank of China (Macau) Limited; Bank of China; China Development Bank and China CITIC Bank.
The club deal was self arranged by Standard Bank and co-ordinated by the Industrial and Commercial Bank of China (ICBC) and ICBC (Macau) Limited, a subsidiary of ICBC which recently started operations in this special administrative region of the People’s Republic of China. This is a debut term loan for Standard Bank’s fund raising in the Asian market.
Jacko Maree, Standard Bank group chief executive, said: “The deal reflects the trust that Chinese banks have in Standard Bank, Africa and emerging markets, despite the tough global capital markets.”
He said that Standard Bank’s strategic partnership with ICBC played a huge role in putting together the 5-year facility, repayable in a bullet capital single tranche at maturity.
“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,” added Maree.
Standard Bank, which is 20% owned by China’s biggest lender, ICBC, acquired a 33% stake in Russia’s Troika Dialog investment bank earlier this year.
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