ICBC New Zealand provides EUR 19.5 million loan to CBL Corp. for unspecified purposes (linked to Record ID#100237, #100238, #100239)

Project narrative

At some time before or during 2017, ICBC New Zealand and Bank of China New Zealand -- alongside ANZ Bank and possibly other, unknown banks -- provided a NZD 170 million-equivalent, multi-currency syndicated lending facility to CBL Corp., a New Zealand-based insurance company. Although the terms of the loan, including the tenors, margins, and signing dates, are unknown, it is known that ICBC NZ and BOC NZ each provided loans of EUR 19.5 million to CBL Corp., along with a combined sum of NZD 55 million. CBL Corporation collapsed in 2018, affecting the performance of both banks and resulting in significant losses to both banks, including a NZD 12 million loss to Bank of China New Zealand, among other unknown losses. The High Court in Auckland placed CBL Corporation into liquidation in 2019. The effects of CBL's financial distress on the loans are unknown. The EUR contribution from ICBC NZ is captured via Record ID#100236. The EUR contribution from BOC NZ is captured via Record ID#100237. The NZD contribution from ICBC NZ is captured via Record ID#100238. The NZD contribution from BOC NZ is captured via Record ID#100239.