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 that 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,” Reuters quoted the bank to have told an analysts’ call. Stanbic IBTC Holdings Plc was the fourth bank to announce its audited results for the full year ended December 31, 2016.
The financial institution recorded improvement in most of the performance indicators and ended with a growth of 51 per cent in profit after tax (PAT). Analysing the fourth quarter (Q4) results, analysts at FBN Quest had said the performance was boosted by a significant other comprehensive income(OCI) of N4 billion compared with a loss of N87 million prior year.
