(Ecofin Agency) - South Africa’s Absa Bank Limited announced it is getting $500 million syndicated loan from Standard Chartered and Bank of America Merrill Lynch. Repayment period is two years with a one-year extension option. Interest rate is 1.05% per annum.

According to the financial director of Absa Group Ltd., Jason Quinn, the loan will be used to fund the bank’s credit portfolio and its other regional operations. Absa expects to increase revenues on the South African market by 2021 and plans expansion in Nigeria.

Chamberline MOKO