Standard Bank head office in downtown Johannesburg. Photo: Leon Nicholas, Independent Media.

Johannesburg - Standard Bank on Wednesday signed a US700 million (R8.6bn), 36-month term loan facility in London.

The transaction was launched at US300 million on November 3 and the bank decided to increase the transaction almost two weeks after the launch, Standard Bank said in statement.

An over-subscription of US400 million was obtained, allowing for a final take of US700 million.

“There are 20 banks participating in the transaction,” the bank said.

The banks are from the US, United Kingdom, Europe, the Middle East, Mauritius and the Far East.

Head of treasury at the bank, Arno Daehnke, said this was the second time within the last quarter that Standard Bank SA had approached the loan market to raise three-year term funding.

Daehnke expressed his appreciation to the group of 20 international banks.

The money raised would be used for general corporate purposes, including trade-related finance and infrastructure, power and mining-related lending transactions in sub-Saharan Africa.

Sapa