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Stanbic Bank Uganda signs $85m loan in Dubai

By Wam

Stanbic Bank Uganda Limited, a group company of Standard Bank Group Limited, South Africa, on Wednesday signed a $85 million 18-month term loan facility in Dubai. Emirates NBD Capital was the sole co-ordinator and bookrunner of the financing.

Al Ahli Bank of Kuwait KSCP, Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers alongside Emirates NBD Bank PJSC, while Al Khalij Commercial Bank Q.S.C. and The Commercial Bank of Qatar QSC participated as lead arrangers. The financing, which will be used for corporate purposes, including trade-related finance in the sectors of energy, manufacturing and telecommunications services, infrastructure, real estate and agriculture for the bank, was oversubscribed from the initial launch amount of $ 75,000,000. The facility pays 250 basis points margin over Libor.

Patrick Mweheire, CEO, Stanbic Bank Uganda Limited said "As a debut borrower in the international loan market, I am extremely impressed that such a sizeable amount has been raised for the bank in an 18 month tenor".
Dr. Rassem Zok, CEO Standard Bank of South Africa, MENA stated that "the very positive response for this facility from the Middle Eastern and international banks confirms increasing interest in Africa and trust endorsed to Standard Bank Group's strong financial position; it also highlights the Uganda growth story."

Mohammad Kamran Wajid, CEO, Emirates Financial Services and Emirates NBD Capital said, "Emirates NBD Capital is pleased to have played a leading role in partnering with Standard Bank Group in this landmark transaction for Stanbic Uganda. Emirates NBD's commitment in this transaction is part of our global diversification strategy which envisages fostering and enhancing cooperation with market leading enterprises across the globe. This transaction is testament of our intention to grow our footprints in the African loan and DCM markets".