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S.Africa's Standard Bank signs $520 mln loan with Chinese lenders

10/20/2020 | 07:27am EDT
FILE PHOTO: The logo of South Africa's Standard Bank is seen above the company's offices in Cape Town

JOHANNESBURG (Reuters) - The South African unit of Standard Bank said on Tuesday it had signed a $520 million syndicated loan with seven Chinese banks, coordinated by the Industrial and Commercial Bank of China.

Africa's largest bank by assets, said the deal, targeted at Chinese lenders and which was very well received in the Chinese loan market, would be used for "general financing purposes".

(Reporting by Emma Rumney; Editing by Promit Mukherjee)

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.35% 2.83 End-of-day quote.6.79%
STANDARD BANK GROUP LIMITED -0.46% 137.08 End-of-day quote.7.87%
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