Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has signed a landmark CNY800 million (Chinese Renminbi) term loan agreement with China Development Bank (CDB). The three-year facility, secured under the strategic collaboration framework between Standard Bank Group and CDB, marks a major milestone in strengthening financial and trade cooperation between Nigeria and China.
The loan provides Stanbic IBTC Bank with direct access to Renminbi liquidity, enhancing its ability to offer tailored financing solutions to Nigerian corporates and institutions participating in Africa-China trade and investment flows. It is also expected to accelerate cross-border trade while reinforcing Standard Bank Group’s trusted partnership with CDB, built around a shared commitment to sustainable economic growth across the continent.
Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, described the deal as a breakthrough in the bank’s Africa-China strategy. “We are delighted to announce this landmark agreement with China Development Bank. It reflects the strength of our strategic partnership and our shared commitment to Africa’s economic development,” Adeniyi said.
“This facility gives us direct access to much-needed Renminbi liquidity, enabling us to better serve our clients engaged in Africa-China trade. It’s a significant step forward in unlocking growth opportunities, promoting cross-border commerce, and driving sustainable development for Nigerian businesses,” he added.
The agreement is expected to play a vital role in supporting local businesses, facilitating trade settlements in Renminbi, encouraging foreign direct investment, and reducing dependency on third-party currencies for transactions between Nigerian and Chinese businesses.
Stanbic IBTC’s partnership with China Development Bank is part of a broader strategy to position the bank as a leading enabler of Nigeria-China economic relations. The bank’s parent company, Standard Bank Group, Africa’s largest financial services group by assets, has maintained a longstanding strategic alliance with the Industrial and Commercial Bank of China (ICBC), CDB’s key financial counterpart.
This latest development adds to Stanbic IBTC’s growing portfolio of innovative financing arrangements designed to boost Nigeria’s economic potential through partnerships, technology, and global market access. The bank recently launched its fintech subsidiary, Zest Payments, and continues to provide a broad range of services, including trade finance, stockbroking, pensions, insurance, and investment management.
By leveraging its international partnerships and local market knowledge, Stanbic IBTC is positioning itself as the go-to financial institution for Nigerian firms involved in global trade, particularly within the fast-growing Africa-China economic corridor.
