CFC Stanbic raises Sh13.6billion dual tranche loan for general corporate

CFC Stanbic bank. Photo/Monicah Mwangi
CFC Stanbic bank. Photo/Monicah Mwangi

CFC Stanbic has secured a $135 million (Sh13.6 billion) dual tranche loan to be used for general corporate purposes including trade finance, it announced yesterday.

Dubai-based Emirates NBD, the investment banking arm of Emirates NBD, and Mashreq, another Dubai lender, were the initial mandated lead arrangers and bookrunners for the financing, according to a statement from Emirates NBD.

CFC Stanbic Bank is an affiliate of South Africa's Standard Bank.

In October 2015 the bank secured a $155 million(Sh15.7 billion) dual tranche loan to fund its business activities. Emirates NBD was the sole book runner for that financing.

Al Ahli Bank of Kuwait, AfrAsia Bank, Bank Muscat, Commerzbank Aktiengesellschaft, Filiale Luxemburg, Investec Bank, SBM Bank (Mauritius) and United Arab Bank also joined the latest deal as lead arrangers.

The bank's profit after tax dropped last year to Sh4.6 billion from Sh5.4 billion in 2014.

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