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Overview

Bank of China (Hong Kong) contributes $10 million USD for $300 million USD syndicated loan to Bumiputra-Commerce Bank

Commitments (Constant USD, 2023)$18,765,161
Commitment Year•2006Country of Activity•MalaysiaDirect Recipient Country of Incorporation•MalaysiaOverseas Jurisdiction•Hong Kong (China)Sector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 26, 2006
Start (actual)
May 26, 2006
End (actual)
Jun 22, 2011
Last repayment (originally scheduled)
May 25, 2011

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (Hong Kong) Limited (BOCHK)

Cofinancing agencies

Private Sector

  • ABN AMRO Bank NV
  • Citigroup Global Markets, Inc.
  • Deutsche Bank AG
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Public Bank Berhad
  • Standard Chartered Bank (Hong Kong) Limited
  • Wachovia Bank, N.A.

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Export-Import Bank of the Republic of China, Taipei

Receiving agencies

Private Sector

  • Bumiputra Commerce Bank (BCB) (formerly known as Commerce Asset-Holdings Berhad)

Loan description

Bank of China (Hong Kong) contributes to USD 300 million 2006 syndicated loan to Bumiputra-Commerce Bank

Grant element•8.9078%Interest rate (t₀)•5.479%Interest type•Fixed Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On May 26 2006, Bumiputra-Commerce Bank, also known as CIMB Bank Ltd., signed an agreement for an USD $300 million syndicated term loan. Main financiers included Public Bank ($120 million commitment), BayernLB ($40 million) and ABN AMRO Bank, Bank of Tokyo-Mitsubishi UFJ, Citigroup Global Markets Asia and Standard Chartered Bank at $26.25 million each. Other contributing banks included Export-Import Bank of the Republic of China and Wachovia Bank committing $10 million apiece and Deutsche Bank (London) committing $5 million. This project captures the contribution of Bank of China (Hong Kong), which was $10 million. The loan terms included a maturity of 5 years and a floating interest rate of LIBOR +0.19% per annum. The loan matured on June 22, 2011. A corporate guarantee for the loan was issued by Bumiputra-Commerce bank. The exact purpose of the loan was not revealed.

Staff comments

1. AidData calculated the interest rate by adding the average 6 month LIBOR rate in May 2006 to the basis points. May 2006 6M LIBOR was 5.289%. LIBOR + 0.19% would thus give an interest rate 5.479%. 2. The basis points added to LIBOR varied between a Finance Asia report and the CIMB annual report. AidData has used the figure given in the 2006 CIMB annual report (LIBOR + 0.19%) to calculate the interest rate.