UAE-Mubasher: Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings which belongs to the Standard Bank Group, signed first international syndicated loan market transaction with a number of banks led by Mashreq Bank.
The transaction will help boost Stanbic IBTC Bank’s operations in Nigeria in line with its business objective of organically growing footprint in the retail banking space.
The one-year transaction that was solely-led by Mashreq Bank, as coordinating bank and sole bookrunner, was oversubscribed.
The 8-bank syndicate comprised of long-standing relationship banks of Standard Bank Group, Stanbic IBTC Holdings’ parent company that included Mashreq Bank, Commercial Bank of Qatar and ING Bank as mandated lead arrangers and bookrunners.
Al Ahli Bank of Kuwait, Al Khaliji France Commerzbank Aktiengesellschaft, Filiale Luxemburg, SBM Bank (Mauritius) and Doha Bank participated in the facility as mandated lead arrangers. Mashreqbank psc is also acting as the facility agent for the transaction.
Stanbic IBTC managed to close the syndication within six weeks of launch at a competitive pricing threshold given the prevailing market conditions.
Commenting on the transaction, Stanbic IBTC Bank Chief Executive Yinka Sanni said that “Stanbic IBTC Bank is delighted with the reception of the syndicate banks to its debut deal.”
