Stanbic IBTC Bank in Nigeria, a member of Standard Bank Group, has completed a US$15 million Cocoa Financing for Agro Traders Limited (ATL) to fund ATLs buying of cocoa beans from the 2009/2010 Nigerian cocoa harvest, which it will export to Europe.
ATL, based in Akure, South Western Nigeria, is one of the largest cocoa exporters in the country, handling over 15% of the countrys cocoa output annually and its customers include Cargill, Walter Matter, Armajaro, and Natra. Drum Resources Nigeria Ltd, a subsidiary of Drum Resources UK, will act as collateral manager to the transaction.
Standard Bank has been expanding its trade business across Africa and in March 2009 set up a new Structured Trade Finance Unit in its Nigerian bank, Stanbic IBTC to explore the many financing opportunities in Nigeria, says Craig Polkinghorne, global head and director, Structured Trade and Commodity Finance, Standard Bank Corporate and Investment Banking. This is the first structured trade finance transaction originated and closed by Stanbic IBTC.
D.C.