- South African and African giant financial player, Standard Bank, has announced a major deal in China following the signing of a $1 billion loan facility with four major Chinese banks.
The loan, said to be the largest ever by a South African bank in China, was signed in Macau with the Industrial and Commercial Bank of China (Macau) Limited, Bank of China, China Development Bank and China CITIC Bank.
"This transaction is a first for a South African borrower dealing in the Asian market," said Jacko Maree, the Standard Bank group chief executive, also adding that the deal reflects the trust that Chinese banks have in the South Africa bank as well as the continent and emerging markets as a whole.
He also stated the deal was only the begging of the cooperation between Standard Bank and its Asian partners.
According to a statement released by Standard Bank, the deal is for a five-year loan facility.
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