According to bank documents, the proposed project is an up to ZAR2 billion senior unsecured loan with a 5-year tenor to Absa Bank Ltd (“Absa” or the “Bank”) to support the expansion of its affordable mortgage finance portfolio in South Africa (“the Project”). The Project will be certified in compliance with Loan Market Association’s (“LMA”) Social Loan Principles (“SLP”). It will be the first such transaction in the market.
The Project involves a 5-year senior loan of up to ZAR2 billion for IFC’s own account.
Absa is the third largest bank in South Africa in terms of assets and has a market share of 22% in loans and 21% in deposits. The Bank is a wholly owned subsidiary of Absa Group Limited (“AGL” or the “Group”), the third-largest financial services group in sub-Saharan Africa. AGL provides wholesale and retail banking services, corporate and investment banking, wealth and asset management, and insurance services. Outside of South Africa, the Group is present in eleven countries in Eastern, Southern and Western Africa. In 2019, AGL became one of the founding signatories of the UN Principles for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the Paris Agreement on climate change.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
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Absa Bank Limited
Rolf Van Den Heever
Head of Capital Markets Execution
+27 (0) 11 350 4000
7th Floor, Absa Towers West 15 Troye Street, Johannesburg, 2001 PO Box 7735, Johannesburg, 2000 SA
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