The one-year transaction that was solely-led by Mashreqbank, psc as Coordinating Bank and Sole Bookrunner, was oversubscribed. Stanbic IBTC closed the syndication within six weeks of launch at a competitive pricing threshold given the prevailing market conditions.
The 8-bank syndicate comprised of long-standing relationship banks of Standard Bank Group, Stanbic IBTC Holdings’ parent company, that included Mashreqbank psc, The Commercial Bank (Q.S.C.) and ING Bank N.V. as Mandated Lead Arrangers & Bookrunners, while Al Ahli Bank of Kuwait K.S.C.P., Al Khaliji France S.A. Commerzbank Aktiengesellschaft, Filiale Luxemburg, SBM Bank (Mauritius) Ltd and Doha Bank Q.S.C. participated in the Facility as Mandated Lead Arrangers. Mashreqbank psc is also acting as the Facility Agent for the transaction.
Dr. Rassem Zok, CEO Standard Bank of South Africa, MENA stated that "This transaction has a special significance for us being the debut deal of Stanbic IBTC. We are delighted with the response received on this facility for our Nigerian subsidiary; this is yet another successful transaction this year where our partner banks have again endorsed their trust and confidence in the Standard Bank Group".
In a statement, Chief Executive, Stanbic IBTC Bank, Yinka Sanni stated that "Stanbic IBTC Bank is delighted with the reception of the syndicate banks to its debut deal. We appreciate the confidence that the syndicate has in Stanbic IBTC, as it reinforces our market leadership position in corporate and transactional banking and our commitment to supporting Nigeria’s economic growth. It will also help boost our operations in Nigeria in line with our business objective of organically growing our footprint in the retail banking space.
