Syndicate of four Chinese state-owned banks provides $1 billion loan to South Africa's Standard Bank
Constant 2017 USD
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]
Banking and financial services (Code: 240)
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.
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
Number of unofficial sources
Receiving agencies [Type]
Standard Bank of South Africa Ltd. [Private Sector]