PROJECT

Projects

Summary of Investment Information

Project Number

24635

Company Name

THE STANDARD BANK OF SOUTH AFRICA LTD.

Date SPI Disclosed

Apr 21, 2006

Country

Africa Region

Region

Africa

Projected Board Date

May 25, 2006

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 3, 2021

Department

Regional Industry - FIG ME & Africa

Industry

Financial Markets

Previous Events

Approved : May 25, 2006
Signed : Jun 2, 2006
Invested : Dec 20, 2006

Sector

Commercial Banking - General

Project Description

 This project is now closed. 

 

This project is Multi Country Facility (“MCF”) of up to US$75 million to foster a multi-country partnership between Standard Bank Group Limited (“SBG” or the “Group”) and IFC.  IFC’s facility would consist of subordinated / Tier 2 loans (IFC C loans) and would finance SBG’s majority-owned subsidiaries (“SBG Subsidiaries”) in DRC, Ghana, Kenya, Malawi, Mauritius, Mozambique, Tanzania, Uganda and Zambia.  The financing would be subject to requisite regulatory approvals. 

 

The project offers a unique opportunity to foster a strong partnership between one of the largest African banking groups and IFC.  By providing the proposed loans to the local SBG Subsidiaries, IFC will help expand the Group’s operations in the region, enhancing SBG’s competitive position and bringing best practices and better access to high quality banking services and products to the respective markets.

 

Board Approved IFC Investment – Update as of February 2018

 

Sub-Project

Investment Date

Board Approved IFC Investment

Sub-Project Status

Stanbic Ghana (25181)

29 January 2007

$13 million

Closed

Stanbic Tanzania (25182)

27 December 2006

$3 million

Closed

Stanbic Kenya (25183)

30 June 2009

$10 million

Closed

Stanbic Zambia (25184)

20 December 2006

$11 million

Closed

Stanbic DRC (25450)

6 March 2009

$3 million

Closed

Standard Bank Mauritius (25451)

14 November 2008

$20 million

Closed

 

As of February 2018, IFC had not invested in any of the following SBG subsidiaries: Mozambique, Malawi, Uganda and the original Project is now closed.  

Associated Advisory Engagement

 N/A 

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation