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Standard Bank provides a R1.2bn Vehicle and Asset Finance solution to Shoprite to expand its distribution network

| Supplier news

Standard Bank has partnered with the Shoprite Group by providing a Vehicle and Asset Finance solution in support of the retailer’s multi-year supply chain expansion project.

The R1.2 billion transaction is one of the largest Vehicle and Asset Finance deals done to date for Standard Bank and is in line with its Africa growth strategy.

The continent’s largest retailer is adding over 200 000m² to its distribution centre capacity over the next year, to ensure its supply chain network remains flexible and agile as it continues to support the Group’s growth trajectory.

“We are honoured to play a role in the Shoprite Group’s distribution network expansion, which is aligned with the bank’s strategy of providing our clients with bespoke holistic funding solutions that drive meaningful and sustainable economic development across Africa,” said Motsei Modise, Senior Vice President of Client Coverage at Standard Bank Corporate and Investment Banking.

Standard Bank aims to build on a successful partnership with the Group to be the leading asset finance funder in the retail space.

“The fact that a R1.2billion asset finance solution was provided by the Standard Bank’s Vehicle and Asset Finance team speaks to our expertise in the market,” said Thabo Sithenjwa, Head of Corporate Sales at Standard Bank Vehicle and Asset Finance.

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