Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has secured a three-year term loan facility worth CNY800 million from China Development Bank (CDB), marking a major advancement in financial cooperation between Africa and China.
The deal, concluded under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, represents a key milestone in enhancing bilateral financial ties and trade support mechanisms.
The facility gives Stanbic IBTC Bank direct access to Renminbi (CNY) liquidity from the Chinese financial market, enabling it to provide improved financing solutions for Nigerian corporates and institutions engaged in Africa-China trade and investment.
It also reaffirms Standard Bank Group’s longstanding and trusted relationship with CDB, rooted in a shared ambition to drive sustainable economic progress across the African continent.
Speaking on the development, Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, said, “We are pleased to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic alliance and our mutual commitment to Africa’s economic advancement.
“This facility gives us direct access to much-needed Renminbi liquidity, empowering us to better serve our clients operating within the Africa-China trade and investment space. It marks a significant step forward in our Africa-China strategy, which focuses on unlocking growth opportunities, enabling cross-border trade, and supporting sustainable development for Nigerian businesses.”
The partnership between Stanbic IBTC Bank and China Development Bank is expected to provide critical support to Nigerian enterprises, streamline trade financing, and stimulate foreign direct investment.
It also plays a pivotal role in positioning Stanbic IBTC as a key financial partner for businesses seeking to engage in the expanding economic relationship between Africa and China.
