Dubai: Stanbic Bank Uganda, a subsidiary of Standard Bank Group, said it has signed a $55 million two-year term loan facility in Dubai.
The financing, which will be used for general corporate purposes, was oversubscribed from the initial launch amount of $40 million. The facility pays 275 basis points margin over Libor, the bank said in an emailed statement.
“The fact that Middle Eastern and International banks have returned to participate in this reissue for Stanbic Bank Uganda 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-Saharan Africa,” Dr. Rassem Zok, CEO Mena, Standard Bank of South Africa Limited (DIFC Branch) said in a statement.
Emirates NBD Capital Limited was the Sole Coordinator and Bookrunner of the financing. Al Ahli Bank of Kuwait, Bank of Baroda, SBM Bank (Mauritius) Ltd and The Commercial Bank joined the transaction as mandated lead arrangers.
“In our efforts to grow our global market share, we have been pursuing business from our counterparts in Africa including Standard Bank Group. Our efforts have resulted in us winning mandates to run their previous syndications for Kenya and Uganda respectively. This transaction serves as another testament of our growing relationship with Standard Bank Group,” Faisal Lalani, Head — Institutional & International Banking, Emirates NBD Bank said.