CDB contributes to $1 billion syndicated loan to Standard Bank for general corporate purposes (Linked to Project ID#16658, #98827, and #98829)

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# captures BOC's contribution. Project ID# captures CDB's contribution. Project ID# 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