Emirate NBD joins 2-year loan as coordinator

Dubai – Mubasher: Stanbic Bank Uganda Limited, a subsidiary of Standard Bank Group Limited (Standard Bank Group), signed a $55,000,000 two year term loan facility on 8 September 2016 in Dubai.

Emirates NBD Capital that was selected as the sole co-coordinator and book-runner, according to a bourse release on Sunday.

Al Ahli Bank of Kuwait, Bank of Baroda, SBM Bank (Mauritius) and the Commercial Bank joined the transaction as Mandated Lead Arrangers.

The financing, which was oversubscribed from the initial launch amount of $ 40,000,000, will be allocated for developing the sectors of energy, agriculture, mining and quarrying, manufacturing, trade, transport and telecommunications, infrastructure, electricity and water, construction and real estate.

This step "confirms both the positive outlook for the Ugandan economy and confidence in our Standard Bank Group’s leadership in corporate and investment banking in Sub-Sahara Africa”, said Dr. Rassem Zok, CEO MENA, Standard Bank of South Africa Limited

Ahmed Al Qassim, CEO, Emirates NBD Capital said “Since the beginning of 2015, we have arranged a number of syndicated loan transactions for African financial institutions. We are pleased to have again partnered with Standard Bank Group in yet another landmark transaction for its subsidiary".

Stanbic Bank Uganda is a member of the Standard Bank Group, which is Africa’s largest bank by assets that operates in 20 African countries. The Group reported total assets of R1,9 trillion (about US$ 133 billion) at 30 June 2016, while its market capitalization was R206 billion (about US$ 14,1 billion).