A subsidiary of Standard Bank Group, Stanbic Bank Uganda, announced that it had signed a $55 million two-year term loan facility in Dubai. The financing was oversubscribed from the initial launch amount of $40 million and will be used for general corporate purposes. The facility pays 275 basis points margin over Libor; the bank declared in an emailed statement.
Emirates NBD Capital Limited was the Sole Coordinator and Bookrunner of the financing. Bank of Baroda, Al Ahli Bank of Kuwait, SBM Bank (Mauritius) Ltd, and The Commercial Bank joined the transaction as mandated lead arrangers.
“The fact that Middle Eastern and International banks have returned to participate in this reissue for Stanbic Bank Uganda confirms both the positive outlook for the Ugandan economy and confidence in our Standard Bank Group’s leadership in corporate and investment banking in sub-Saharan Africa,” says Dr. Rassem Zok, CEO Mena, Standard Bank of South Africa Limited (DIFC Branch) in a statement.
Stanbic Bank Uganda Limited (SBU) is a commercial bank in Uganda and is licensed by the Bank of Uganda, the national banking regulator. It is the largest commercial bank in Uganda, by assets.