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08.10.2008 Business & Finance

Standard Bank secures loan facility

By Business Desk report - Ghanaian Chronicle

The Standard Bank of South Africa Limited (SBSA), a member of the Standard Bank Group has secured a US$ 60 million and € 174.5 million, three-year term loan facility from a group of leading international banks.

The facility, finalized at a signing ceremony in Munich, Germany was arranged by The Standard Bank of South Africa on a stand-alone basis. Eighteen banks participated in the transaction.

The US$ 60 million and € 174.5 million facility is priced at 115 basis points over Libor. The facility may be drawn in US dollars or euros.

Officials of the bank said the loan facility is for general financing requirements, including, but not limited to trade related finance.

Simon Ridley, Chief Financial Officer of Standard Bank Group, says “We are delighted with the raising of the facility especially given the current volatility in global financial markets. Standard Bank's ability to raise a three-year term loan facility on this basis, involving the participation of 18 top international banks is a reflection of SBSA's standing in the international banking community.”

BayernLB was mandated to co-ordinate the facility. Stanbic Bank Ghana is a member of the Standard Bank Group.

SBSA is an SA registered bank, authorised and regulated by the South Africa Reserve Bank.