Project ID: 16658

ICBC contributes to $1 billion syndicated loan to Standard Bank for general corporate purposes (Linked to Project ID#98827, #98828, and #98829)

Commitment amount

$ 375502512.06869805

Adjusted commitment amount

$ 375502512.07

Constant 2021 USD

Summary

Funding agency [Type]

Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]

Recipient

South Africa

Sector

Banking and financial services (Code: 240)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Commercial (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

2009-09-02

Description

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. Project ID#16658 captures ICBC's contribution. Project ID#98827 captures BOC's contribution. Project ID#98828 captures CDB's contribution. Project ID#98829 captures China CITIC's contribution.

Additional details

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.

Number of official sources

4

Number of total sources

10

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Details

Cofinanced

Yes

Cofinancing agencies [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Bank of China (BOC) [State-owned Commercial Bank]

China CITIC Bank Corporation Limited [State-owned Commercial Bank]

Direct receiving agencies [Type]

Standard Bank of South Africa Limited (Standard Bank) [Private Sector]

Loan Details

Maturity

5 years

Syndicated loan

Inter-bank loan