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Home Tech and Business

StanChart pays down a Sh2.5 billion loan.

Ebby Kianga by Ebby Kianga
2023/05/15
in Tech and Business
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StanChart pays down a Sh2.5 billion loan.
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Standard Chartered Bank of Kenya, paid $20 million (Sh2.48 billion) last year to settle loans owed to it by Standard Chartered Plc, its parent firm. To increase its capital base, the lender took out a subordinated, unsecured loan in 2013 with a term of 10 years and the option of paying it off in 5 years.

StanChart indicates that $40 million (Sh4.96 billion) in the next year is callable, meaning the lender may decide to repay the money this year.

The weighted average effective interest rate on the outstanding balance was 1.19 percent in the previous year, down from 4.92 percent in the year before.

StanChart debt repayment occurred during a time in which it increased net lending to its affiliates in overseas markets by 31.6 percent to Sh83.4 billion, thereby extending its holding of facilities largely denominated in US dollars. After loans to regular consumers (Sh139.4 billion) and government securities (Sh104.7 billion), transactions with sister enterprises were the third largest item in StanChart’s asset base.

Banks with common majority shareholders frequently collaborate, lending to and borrowing from one another. StanChart has a network of affiliates in Africa, Europe, the Middle East, Asia, and the United States.

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Ebby Kianga

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