Stanbic IBTC Bank says has $24 mln exposure to Etisalat Nigeria

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Stanbic Bank
Stanbic Bank

The Nigerian arm of South Africa’s Standard Bank, Stanbic IBTC Bank, has an exposure of $24 million to Etisalat Nigeria, it said on Wednesday, adding restructuring talks were “ongoing”.

The Nigerian arm of Abu Dhabi-listed telecoms company Etisalat has been discussing with 13 local banks about renegotiating the terms of a $1.2 billion loan after missing a payment.

“The members are continuing discussions with Etisalat with the hope of restructuring the loan,” the bank told an analysts’ call.

 

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About Haruna Magaji 2450 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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