Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, is pleased to announce the successful signing of a 3-year, CNY800 million term loan agreement with China Development Bank (CDB). This landmark facility, executed under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, marks a significant milestone in deepening financial cooperation between Africa and China.
The facility underscores Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market, enabling the bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows. It also reinforces Standard Bank Group’s long-standing, trusted partnership with CDB, anchored on a shared vision for driving sustainable economic growth across the continent.
Commenting on the agreement, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said:
“We are delighted to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic partnership and our collective commitment to Africa’s economic development. This facility provides us with direct access to much-needed Renminbi liquidity, enabling us to better serve our clients involved in Africa-China trade and investment. It is a significant step in advancing our Africa-China strategy, which is focused on unlocking growth opportunities, promoting cross-border trade, and driving sustainable development for Nigerian businesses.”
The collaboration between Stanbic IBTC Bank and China Development Bank is expected to play a vital role in supporting Nigerian businesses, facilitating trade transactions, and encouraging foreign direct investment. It also represents a significant step in Stanbic IBTC’s broader Africa-China strategy, which seeks to position the bank as the partner of choice for businesses seeking to participate in the growing economic corridor between Africa and China.
Stanbic IBTC Bank remains committed to providing innovative financial solutions that support economic development and create long-term value for its clients, stakeholders, and the wider Nigerian economy.
About Stanbic IBTC
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings- a member of Standard Bank Group, Africa’s largest banking group ranked by assets with a legacy spanning over 162 years. As a leading end-to-end financial solutions provider in Nigeria, Stanbic IBTC offers a wide range of products and services which include, specialised finance, trade finance, stockbroking, trustee services, global markets, custodial services, foreign exchange, asset and pension management, insurance brokerage, life insurance, lending, savings, and investment products.
The recent establishment of its fintech subsidiary, Zest Payments, further underscores its commitment to provide innovative financial solutions. Stanbic IBTC plays a pivotal role in driving Nigeria’s growth, leveraging deep local insights and international expertise enhanced by being a member of Standard Bank Group. For further information, go to Stanbic IBTC on www.stanbicibtc.com
About Standard Bank
Standard Bank Group is the largest African bank by assets, operating in 20 African countries, 4 global financial centres and 2 offshore hubs. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB. Standard Bank has a 162-year history in South Africa and started building a franchise outside southern Africa in the early 1990s. Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth.
As at 31 December 2024, Standard Bank Group had 20 million clients, employed over 50 000 people (including Liberty) and had over 1 150 points of representation and 5 500 ATMs across the African continent. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 19.6% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets. For further information, go to http://www.standardbank.com
About China Development Bank
Established in 1994, the China Development Bank is a state-funded and state-owned development finance institution. As an independent legal entity directly overseen by the State Council, it is dedicated to supporting China’s economic development in key industries and under-developed sectors.
With a mission to support national development and deliver a better life for the people, CDB aligns its business focus with China’s major medium- and long-term economic development strategies. Leveraging its strength as a leading bank for medium- and long-term financing and comprehensive financial services, it mobilizes economic resources and channels them towards eight key areas: Socioeconomic development, such as infrastructure, basic industries, pillar industries, public services and management; Urbanization, urban-rural integration and balanced regional development; Programs essential for national competitiveness, including the transformation, upgrading, and restructuring of traditional industries, energy conservation, environmental protection, and advanced equipment manufacturing; Public welfare, including affordable housing, poverty alleviation, student loans, and inclusive finance; Areas of strategic importance, including science and technology, and people-to-people exchange; The Belt and Road Initiative ( BRI ), international cooperation in industrial capacity, equipment manufacturing, infrastructure connectivity, energy and resources, and Chinese enterprises “going global”; Initiatives in support of development and economic and financial reforms; Other areas encouraged by national development strategies and policies.
Placing a strong premium on pioneering and innovation and tapping into its strengths as a development finance institution, CDB keeps closely to national development strategies, operates on market principles with the backing of sovereign credit, and ensures principal safety and modest profit. Its vigor, influence and risk resilience has been growing continuously, putting it on track to be a world-class, modern development finance institution and a steady force of support for China’s economic and social development. At the end of 2024, CDB had the total assets of RMB 18.6 trillion.
CDB has 37 primary and 4 secondary branches on the Chinese mainland, one branch in Hong Kong, and 11overseas representative offices in foreign cities including Cairo, Moscow, Rio de Janeiro, Caracas, London, Vientiane, Astana, Minsk, Jakarta, Sydney and Budapest. CDB has more than 10,000 employees in total. Its subsidiaries include CDB Capital, CDB Securities, CDB Leasing, China-Africa Development Fund, CDB Development Fund and CDB Infrastructure Fund.