Thursday, April 1, 2010

CIMB gives Mapletree fund US$100m credit facility

CIMB Bank Bhd, Singapore, has given a revolving credit facility to Mapletree India China Fund Ltd (MIC Fund) for up to US$100 million over a period of three years.

The MIC Fund, which is a dual-country total return fund focusing on property development in China and India, is managed by Mapletree Investments Pte Ltd.

‘We have witnessed our deposits base grow exponentially since the launch of our retail banking business last September,’ said Mak Lye Mun, country head of CIMB Group Singapore and chief executive officer of CIMB Bank Singapore, yesterday.

‘With a substantial base of deposits, we are able to make sizeable corporate loans and are happy to forge close banking relationships with stable blue-chip companies such as Mapletree.’

This agreement follows the facility extended by CIMB Group Holdings Bhd to the Japan Bank for International Cooperation (JBIC) on Monday.

The JBIC, which is the the international wing of Japan Finance Corporation, will gain access to a long-term US$300 million facility for businesses across the Asean region.

According to Mr Mak, this arrangement will also give CIMB Bank’s clients with subsidiaries in the rest of the region a chance to apply for loans.

Source: Business Times, 1 Apr 2010

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