CfC Stanbic to lend Sh14bn in Kenya
CFC Stanbic Bank Limited Chief Executive Greg Brackenridge during the 2014 half year financial results investor-briefing at the Serena Hotel on August 11, 2014. CFC has borrowed Sh14 billion from the international market for lending to corporates and businesses in Kenya. FILE PHOTO | DIANA NGILA | NATION MEDIA GROUP
What you need to know:
- In its debut in the global syndicated loan market, the bank sought to raise Sh11 billion ($125 million) but absorbed an oversubscribed sum of Sh3 billion ($35 million).
CfC Stanbic Bank has borrowed Sh14 billion from the international market for lending to corporates and businesses in Kenya.
In its debut in the global syndicated loan market, the bank sought to raise Sh11 billion ($125 million) but absorbed an oversubscribed sum of Sh3 billion ($35 million).
“As a debut borrower in the international loan market, I am extremely impressed that such a sizeable amount has been raised for the bank,” CfC Stanbic Bank chief executive officer Greg Brackenridge said in a statement last week.
“The oversubscription of $35 million off a launch amount of $125 million, certainly indicates that the investor banks have shown a keen appetite to join this transaction,” he added.
The two-year loan the bank signed in London on October 24, is priced at 2.5 per cent above the London InterBank Offered Rate (Libor).
The 12-month Libor is currently at 0.5421 per cent.
