StanChart pays Sh2.5 billion loan
Nairobi, May 15 -- Standard Chartered Bank of Kenya has disclosed that it last year paid $20 million (Sh2.48 billion), being part of loans it had tapped from its parent firm, Standard Chartered Plc.
The lender had tapped the amount in 2013 as an unsecured 10-year subordinated loan to enhance its capital base and had the option to recall the loan after five years.
"In 2022, the Company exercised its right to redeem US$ 20million of the 2013 subordinated debt that was callable," says StanChart Kenya in the latest annual report.
The transaction cut the bank's outstanding loans from the parent company to $40 million (Sh4.96 billion) at the end of December last year from $60 million (Sh6.8 billion) in the previous year.
The Kenyan unit had...
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