Stanbic IBTC Secures CNY800 Million Loan from China Development Bank to Boost Africa-China Trade

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has successfully signed a three-year, CNY800 million (roughly $115 million) term loan agreement with China Development Bank (CDB). This landmark deal, established within the framework of the strategic partnership between Standard Bank Group (SBG) and CDB, marks a significant milestone in strengthening financial ties between Africa and China.

This facility grants Stanbic IBTC Bank direct access to Chinese Renminbi (CNY) liquidity from the Chinese market, allowing the bank to offer improved financing options to Nigerian businesses involved in Africa-China trade and investment. It also reinforces the long-standing collaboration between Standard Bank Group and CDB, driven by a shared goal of fostering sustainable economic growth across Africa.

Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, commented on the achievement:

“We are proud to announce this landmark agreement with China Development Bank, which demonstrates the strength of our strategic partnership and our commitment to Africa’s economic development. Access to Renminbi liquidity will enable us to better serve clients engaged in Africa-China trade and investment, supporting their growth and cross-border transactions. This is a significant step forward in our Africa-China strategy, aimed at unlocking new opportunities and promoting sustainable development for Nigerian businesses.”

The partnership between Stanbic IBTC Bank and CDB is expected to bolster Nigerian companies by facilitating trade, supporting foreign direct investment, and encouraging economic collaboration. It also aligns with Stanbic IBTC’s broader vision to position itself as the preferred banking partner in Africa’s expanding economic corridor with China.

The bank remains dedicated to delivering innovative financial solutions that promote economic growth, create value for stakeholders, and contribute to Nigeria’s development.