Narrative
Full Description
Project narrative
On September 2, 2009, the Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), China Development Bank (CDB), and China CITIC Bank signed a five-year $1 billion loan facility with Standard Bank of South Africa. The club deal was self-arranged by Standard Bank and coordinated by ICBC and ICBC Macau. The loan was repayable in a bullet capital single tranche with a maturity of 5 years. The the proceeds of the loan were earmarked for general corporate purposes and to plug a lending gap for Standard Bank's bid to invest in Africa and Asia. Record ID#16658 captures ICBC's contribution. Record ID#98827 captures BOC's contribution. Record ID#98828 captures CDB's contribution. Record ID#98829 captures China CITIC's contribution.
Staff comments
1. In October 2007, ICBC acquired an ownership stake of about 20% in Standard Bank for USD 5.5 billion. Half of this stake came from ICBC acquiring existing shares and the other half from new shares. ICBC also secured two seats on Standard Bank’s board of directors. 2. The individual contribution of four lenders to this $1 billion USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC, BOC, CDB, and China CITIC by assuming that each lender contributed an equal amount ($250,000,000 USD) to the syndicated loan. 3. According to underlying sources, ICBC (Macau) was reportedly one of the four participants in the syndicated loan, although ICBC reportedly served as a coordinator alongside ICBC (Macau).