Standard Bank gets Chinese loan in shrunken market

AdobeStock_StandardBank_575x375_26Oct2020
By Mariam Meskin
26 Oct 2020

South Africa's Standard Bank, which is 20% owned by ICBC, has raised a syndicated loan from a consortium of Chinese lenders. The transaction marks one of the few spots of activity in a market that has almost halved in size this year.

Standard Bank, one of South Africa’s leading banks, has got a three year $520m syndicated loan. It was initially touted as a $500m deal, said a source close to the deal.

The consortium of seven lenders includes China Construction Bank, China Development Bank, China Export-Import Bank, Industrial and Commercial Bank of China ...

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