Dubai, United Arab Emirates - Mashreq bank, the UAE’s leading financial institution closes a US$ 100 million dual tranche syndicated term facility for Stanbic Kenya Bank Limited (“Stanbic Bank Kenya”) - a subsidiary of the Standard Bank Group (“SBG”). The transaction closed nearly two and a half times oversubscribed.

Mashreq, the sole coordinating bank and book-runner for Stanbic Bank Kenya’s fourth international syndication attracted many investors. Fourteen partners from the EMEAI region participated including: Afrasia Bank Limited, Al Ahli Bank of Kuwait K.S.C.P, Bank Muscat, Commerzbank AG, ICICI Bank, Investec Bank (Mauritius) Limited, London Forfaiting, Mizuho Bank, Ltd, National Bank of Ras Al-Khaimah, Standard Chartered Bank, State Bank Mauritius, The Mauritius Commercial Bank, United Arab Bank and Abu Dhabi Commercial Bank PJSC as agent bank.

Samir Gupta, Managing Director at Mashreq commented: “It has been our honour to be the book-runner and sole coordinator for Stanbic Bank Kenya’s syndication.  We have been associated with Stanbic Bank Kenya since their maiden syndication in 2014 and it is gratifying to see that we both view each other as strategic partners in our respective regions.  The demand for Stanbic Bank Kenya’s paper shows the high regard that the GCC investors hold for the Standard bank group.”

Charles Mudiwa, Chief Executive of Stanbic Kenya stated: "Stanbic Bank Kenya is delighted to sign this loan in the two and three-year tenor with Mashreq and a syndicate of banks. Kenya is our home and this development underscores the lenders' confidence in the country as well as our business and strategy which is geared towards driving her growth. The proceeds raised will go towards new lending and general corporate purposes, including trade related finance for the bank".

Dr. Rassem Zok, Chief Executive of The Standard Bank of South Africa Limited DIFC, Dubai, remarked that: “We are grateful for the substantial interest that we have received from the Middle Eastern and International banks to participate in this new facility for Stanbic Bank Kenya. It is an important part of our franchise on the continent and we are delighted with the results achieved with this facility”.

Stanbic Bank Kenya 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.

© Press Release 2018