Project ID: 16658

Syndicate of four Chinese state-owned banks provides $1 billion loan to South Africa's Standard Bank

Commitment amount

$ 1303715014.0

Constant 2017 USD

Summary

Funding agency [Type]

Bank of China (BOC) [State-owned Commercial Bank]; China CITIC Bank [State-owned Commercial Bank]; China Development Bank (CDB) [State-owned Policy Bank]; Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]

Recipient

South Africa

Sector

Banking and financial services (Code: 240)

Flow type

Loan

Concessional

Vague

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2009

Description

On September 2, 2009, the Industrial and Commercial Bank of China (ICBC), Bank of China, China Development Bank, and China CITIC Bank signed a five-year $1 billion loan facility with South Africa's Standard Bank. The club deal was self-arranged by Standard Bank and co-ordinated by the ICBC and ICBC (Macau), a subsidiary that recently started operations in this special administrative region of China. The loan was repayable in a bullet capital single tranche with a maturity of 5 years. The deal was signed in Macau. According to Standard Bank, 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. The borrowing term of this loan are unknown.

Additional details

In October 2007, ICBC acquired an ownership stake of about 20% in Standard Bank for $5.5 billion. Half of this stake came from ICBC acquiring existing shares and the other half from new shares. ICBC will also secured two seats on Standard Bank’s board of directors.

Number of official sources

4

Number of unofficial sources

6

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Details

Cofinanced

Yes

Receiving agencies [Type]

Standard Bank of South Africa Ltd. [Private Sector]

Loan type

Some Information

Maturity

5 years

Gurarantee provided

No

Insurance provided

No