Standard Bank secures $250m loan for Export Trading Group for West Africa expansion
The Standard Bank Group announced June 25, 2012 that it has successfully secured a syndicated loan of $250 million for Export Trading Group (ETG), one of Africa’s largest soft commodities companies.
The Group, which is the mandated lead arranger for the loan, said the funding will be used primarily to finance ETG’s procurement of stock of agricultural commodities from traders and farmers across several countries and to help it expand further, particularly within West Africa which has been identified as a growth area for ETG.
ETG’s operations involve the production, processing, trading and distribution of agricultural commodities primarily in sub-Saharan Africa and Asia.
Standard Bank Group’s Head of Structured Trade Finance, Megan McDonald in a statement said the transaction with ETG attracted strong and broad-based interest from several local and international finance institutions and demonstrates Standard Bank Group’s ability to facilitate the raising of finance for large cross-border trade activities.
Commenting on the loan facility, ETG’s Managing Director, Ketan Patel says the transaction will allow ETG to build capacity and enhance its leading positions in several core product sectors as well as expand into new geographies.
Meanwhile the Standard Bank Group has been recognised as the Best Investment Bank in China for 2011/2012. This was announced at the recent China Outbound Investment Summit 2012, held in Beijing.
At the award ceremony, the panel of judges referred to Standard Bank Group’s strategic BRICS (Brazil, Russia, India, China and South Africa) focus, innovative approach and diverse cross border deals as being reasons for the award.
There was specific reference to three recent and unique China-Africa transactions, namely the ‘world first’ Central Bank of Nigeria reserve currency transaction, advising Metorex on Africa’s largest mining investment by Jinchuan and for advising and facilitating China Investment Corporation’s (CIC) investment in Africa’s diversified industrial company Shanduka.
By Ekow Quandzie