Stanbic Bank Tanzania secured the title of Tanzania’s Best Investment Bank at the 2023 Euromoney Awards for Excellence held in London last week.
The bank was rewarded for its standout transaction in the sale of Millico International Cellular’s Tanzanian operations to Pan African Axian Group in April 2022 for $100 million where Stanbic Bank Tanzania acted as a co-adviser.
The bank also acted as an arranger and sole-lender to Mufindi Paper Mills for a $20 million mid-term loan. Owned by the East African family enterprise Rai Group, Mufindi has a 60% market share in Tanzania’s paper manufacturing industry. The loan would be invested in a project to use sugarcane bagasse as a more sustainable raw material for paper making.
Stanbic also funded a $20 million facility for Shanta that operates the New Luika and Singida gold projects in Tanzania.
Euromoney has been evaluating the world’s leading financial institutions through performance data, surveys, and industry awards for more than 30 years. Their annual awards programme recognises excellence across global, regional and individual country categories.