Posted by By Yinka Kolawole on
Standard Chartered Bank has procured a facility of $100 million for Intels Oil Services, a player in the Nigerian oil sector. The deal, in addition to a $240 million bridge facility for South African Airways and $850 million pre-export finance facility for the Ghana Cocoa Board, has won the bank the 2005 Trade Finance Awards for Excellence
Standard Chartered Bank has procured a facility of $100 million for Intels Oil Services, a player in the Nigerian oil sector. The deal, in addition to a $240 million bridge facility for South African Airways and $850 million pre-export finance facility for the Ghana Cocoa Board, has won the bank the 2005 Trade Finance Awards for Excellence.
The bank has accordingly been recognised as the Best Trade Finance Bank in Sub- Saharan Africa. The award recognises Standard Chartered Bank's number and volume of world class deals in structured trade finance, structured export finance and syndications.
Commenting on the awards, Standard Chartered Bank Chief Executive Officer for Africa, Sherazam Mazari said that his bank was delighted to see ‘the results of team work among the African countries which originated and executed these significant deals.
'Standard Chartered is very keen to continue leading the way in Corporate finance products by optimising the teams on ground to ensure that we identify the deals and gain exposure from participation in the process," Mr. Mazari said.
In his own comment, Managing Director, Standard Chartered Bank Nigeria, Mr. Simon Millett, further said: 'The Trade Finance Awards were highly contested by the world's top international banks and this development clearly acknowledges the quality and dedication of the Standard Chartered Bank staff and the bank's commitment to its international values."
Over the past five years, Standard Chartered has invested in boosting its structured trade and export finance teams, covering sub-Saharan Africa. The structured trade finance team has transformed the position of Standard Chartered Bank in Africa through a succession of successful transactions across a wide range of countries and industry sectors.