Nimai oversees $10m loan placement to Victoria Commercial Bank Kenya
United Arab Emirates investment banking firm Nimai has been involved in a placement of $10 million loan to Kenya’s Victoria Commercial Bank from US based lending institution World Business Capital Inc with a guarantee from the Overseas Private Investment Corporation. The firm is the bank’s financial advisor.
The multiple award winning investment company has capitalized on its strong relationship with lending financial institutions resulting in the arrangement of the term loan for Victoria Commercial Bank, Kenya to help it achieve the cherished goal of SME portfolio growth and create a social impact in the Kenyan economy.
This is in continuation of Nimai's vision to assist and arrange funding for banks, non-banking financial institutions and corporates in Africa and other developing countries.
Nimai's strong on ground presence in Africa and the developing countries has gained confidence of the borrowers. Further, knowledge and expertise of research and analysts team assist the lenders to assess the potential opportunities.
Capt Sunil Saraf , Co-founder and Managing Partner of Nimai said: "Nimai's core vision is to help financial institutions in developing countries. Kenya is one of the countries where we have a strong focus and are assisting financial institutions to raise debt & capital. VCB is one of our esteemed and valued clients. They have strong credentials, a unique & commendable client selection and a professional team which lead to them having large profits and one of the lowest NPLs in the sector. We were engaged by VCB as their financial advisors to help them raise medium to long term funding. We are delighted that VCB's vision to grow the SME portfolio and create a social impact in Kenyan economy will now be achieved with the support from WBC and OPIC."
Dr. Yogesh K. Pattni, Chief Executive Officer of Victoria Commercial Bank said: "I am extremely delighted about the partnership between ourselves and WBC, culminating in a credit extension of $10 million under guarantee from OPIC. This credit line, made possible with support and guidance from Nimai, reflects the good standing of VCB and its strong asset base. The facility also demonstrates the confidence of international lenders in the Kenyan Banking sector. It is very humbling to note that VCB is the first institution in the Kenyan banking sector that WBC has partnered with."
Speaking on the same investment Robert D. Monyak , Executive Vice president World Business Capital said: "Our loan facility for VCB Bank offers a unique and exciting opportunity to extend WBC's financial support of SMEs worldwide to a new market. In VCB, we saw a solid management team, strong and growing operations, and extensive experience working with SMEs. As such, the bank is an ideal partner for WBC, through which we can expand our firm's support of underbanked segments of the private sector in growth-oriented emerging economies.”