Dubai, United Arab Emirates – Mashreq bank, the UAE’s leading financial institution closes a US$ 50 million two-year syndicated term facility for Stanbic Zambia Bank – a subsidiary of the Standard Bank Group (“SBG”). The transaction closed nearly two times oversubscribed.
Mashreq, the coordinating bank and book-runner for Stanbic Zambia Bank’s second international syndication attracted many investors. Seven partners from MENA and GCC region participated including: Afrasia Bank Limited, Al Ahli Bank of Kuwait K.S.C.P, Investec Bank (Mauritius) Limited, Mizuho Bank, Ltd, Standard Chartered Bank as Mandated Lead Arrangers, The Commercial Bank PSQC as Lead Arranger, and Mizuho Bank, Ltd as agent bank.
Dr. Rassem Zok, Chief Executive of The Standard Bank of South Africa Limited DIFC, Dubai, commented: “We are delighted by the level of interest received from our FI partners in the regional market and internationally. Our sincere thanks to Mashreq for a very well executed transaction (in a record five-week time frame) and our continuous appreciation to the syndicate members for their support.”
Jan-Willem Sudmann, Head of International Banking Group at Mashreq commented: “This is yet another successful transaction emphasizing our strong ties with the Standard Bank Group. This was possible, thanks to the relationship that we have developed over several years and over several jurisdictions (South Africa, Nigeria, Kenya and now Zambia). We are grateful to our partners for their support on this transaction reflecting SBG’s sound pedigree and standing in the financial community.”
Charles Mudiwa, Chief Executive of Stanbic Zambia stated that “Stanbic Zambia is happy to tap the international market for a second time. The funding will go towards the key economic growth sectors in Zambia such as the Industrial, Agricultural and the SME sectors, among others, which will help grow and diversify the economy. We are deeply thankful and appreciative of our partners in the transaction.”
Stanbic Zambia is a member of Standard Bank Group, which currently operates in 20 African countries: Angola, Botswana, DRC, Côte d’Ivoire, Ethiopia, Ghana, Kenya, Lesotho, Malawi, Mauritius Mozambique, Namibia, Nigeria, South Africa, South Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.
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About Mashreq
Mashreq is the oldest bank in the UAE with an extensive branch network spread across the 7 emirates. Mashreq is also present in 11 countries outside UAE with 21 overseas branches and offices spread across Europe, USA, Asia and Africa providing a comprehensive range of international financial services. Established in 1967, Mashreq has proven itself as a market leader by delivering award-winning customer experiences and innovative thinking across its financial products and services. Mashreq’s various divisions which cater to own unique specialisms and expertise include: Corporate Banking, Retail Banking, International Banking, and Innovative Treasury Services. The bank also allows customers to experience Sharia’h compliant banking solutions. As a leading financial institution, Mashreq is committed to supporting every community it serves. In the UAE, the bank pays particular attention to recruiting, training, and developing UAE national employees. Mashreq is the only financial institution in the UAE to have been awarded the CSR Label by Dubai Chamber for six years in a row.
