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.
