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S.Africa's Standard Bank signs $520 mln loan with Chinese lenders

Credit: REUTERS/MIKE HUTCHINGS

The South African unit of Standard Bank said on Tuesday it had signed a $520 million syndicated loan with seven Chinese banks, coordinated by the Industrial and Commercial Bank of China.

JOHANNESBURG, Oct 20 (Reuters) - The South African unit of Standard Bank SBKJ.J said on Tuesday it had signed a $520 million syndicated loan with seven Chinese banks, coordinated by the Industrial and Commercial Bank of China 601398.SS.

Africa's largest bank by assets, said the deal, targeted at Chinese lenders and which was very well received in the Chinese loan market, would be used for "general financing purposes".

(Reporting by Emma Rumney Editing by Promit Mukherjee)

((Emma.Rumney@thomsonreuters.com; +27115952832;))

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