Stanbic Bank Tanzania Ltd
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1 Stanbic Bank Tanzania Ltd OIL AND GAS FINANCING Overcoming the limitations of traditional lending TOGSC TANZANIA OIL AND GAS SUPPLIERS CONFERENCE 19 TH 20 TH JUNE 2014 DAR ES SALAAM The Voice of Local Content
2 Who We are Stanbic Tanzania Limited is a subsidiary of The Standard Bank Group Limited ( Standard Bank Group ).A South Africanbased global financial services firm, which is represented in 18 African countries ( 21 countries outside Africa with an asset base of USD138 billion) including Tanzania, where it operates as Stanbic Bank Tanzania Ltd and other emerging economies across the World We believe that our strategic branch network coverage places us in a good position to cater for the banking needs of businesses in Tanzania with our entire operational network chain located in Dar Es Salaam and other major cities/townships in Tanzania
3 BACKGROUND Product Push
4 Cautious Optimism Hydrocarbons Discoveries in TZ. PRESSURE POINTS Legal and regulatory framework. Infrastructure and Logistics. Commercialization of the Discoveries
5 WHAT IS THIS ALL ABOUT? Traditional Lending At its most fundamentally, asset-based lending describe a financing philosophy where the amount of the loan is Primarily based on the value of the customers collateral as opposed to financing that is primarily based on the firm and its credit worthiness. (G. F. Udell, Asset Based Finance Proven discipline for prudent lending)
6 TRADITIONAL LENDING INSTRUMENTS Charge on Landed Property; Debentures Specific Charge Asset; Guarantees; SBLC, Green clause LC.. Products:- General Purpose Overdraft. Business Term Loan. Vehicle and Asset Financing.
7 RELEVANCE TO OIL AND GAS SECTOR In TZ Local Content The real questions are:- Easier to Evaluate? Balance sheet-biased credit committees
8 THE MARGIN GAME
9 TRADERS RISK ANALYSIS Move from deal to deal. Making margins. More and Faster THE ANSWER lies in the PRODUCT and STRUCTURE
10 PARADIGM SHIFT Balance Sheet Lending Transactional Lending Strength of the Borrower underlying cash flow Fall back on securities Reliance on off-taker In TZ Oil & Gas Local content where do you see relevance?
11 STRUCTURED TRADE FINANCE Instruments: Collateral Managers Insurance. Quality control Escrow account Special Purpose Vehicles; Tripartite, quartette, etc Agreements and contracts Quasi government, industry self Matching Clients needs to Solution
12 TRANSACTIONAL CYCLE Production Storage Quality Commingling Insurance Packing Storage Insurance Supplier Delivery Document negotiation Restrictions; Escrow accounts; Offtaker Trader Diversion Price Quality W-Loss Storage Insurance
13 INTERGRATING THE VALUE CHAIN Client Industry Off-taker Capacity Ability Management Repayment Maturity Resilience SWOT Due diligence Opinion (credit) Terms requested
14 CHARACTERISTICS OF STF Short term. Self liquidating. Light in documentation Viewed as minimal Risk. Reliance of 3 rd Parties Off balance sheet (from bank s perspective)
15 GAME CHANGING INSTRUMENTS Quality of an Asset i.e Asset being a document Promissory Note Letter of Credit Allowing the beneficiary to discount the instrument Receivable Contracts
16 WAY FORWARD
17 THE BRIGHTER SIDE. Fundalmentals Sources and End-Uses of Energy, 2009 (Thousands of tons of oil equiv) 44.9m in 2012 Coal 0.1 % Oil Products, 9.2 % Natural 0.4 % Electricity 1.8 % 140MT of gold reserves 64m in MT of coal 83m in tcf of gas Biofuels & Waste 88.6% Demand is Increasing Urbanization/Demographic Trends. Mining Operations. LNG Plants. Factories and Water Schemes Etc UN Dept. of Economic & Social Affairs, Population Division World Bank Databank Sources and Uses of Energy (IEA 2009)
18 Why not CMA? Collateral Management Agreement The Bank holds title and/or control of specific Product through storage document like a warehouse receipt and/or a full set of original bills of lading. Additional physical control through a Collateral Management Agent appointed by Bank. Stock Monitoring Agreement (SMA) Bank shall have an assignment over specific product. (CMAs) shall oversee stocks on the Bank s behalf. CMAs shall report movements in and out of the storage facility. Product will be stored in an approved storage facility.
19 CMA TRANSACTIONAL DYNAMICS Stanbic Bank 1. Loan Agreement Assignment of Purchase Contract: CLIENT Purchase Contract End- Buyer 8. Surplus funds released to Borrower 7. Payment of interest & principal Escrow Account at SBT CMA STORAGE FACILITY 4. Payments due under Sales Contracts 3. Product/Consignment 2. Issuance of LC SUPPLIER
20 Our Specialised Solutions Trade Finance Why We are the best What we do In the business for 150 years. Relationship based model. A dedicated trade department. Advance payments: Open Accounts: Documentary Collections: Letters of Credit: Guarantees: Payment, Invoice Discounting: Inventory Finance
21 Our Specialised Solutions Vehicle and Asset Finance (VAF) What is it Why Stanbic The Benefits Clients using the VAF facility are able to acquire Vehicles, Machines, Planes, Ferries either New or Used by paying a 20% or 30% deposit respectively, where the rest is covered by the bank payable on installments at competitive interest rates - No ceiling on the value of the Asset financed - Professional advice from industry experts We hold relationships with all leading asset vendors - Get all your vehicle and insurance needs in one roof - Quick Turnaround times - Business Growth: Offers option to raise capital through acquisition of working asset hence optimal resource allocations - Alternate Financing: Compliments traditional bank lending in capital investments - Convenience: Self securing, processing TAT, Minimal security and paper work - Matched Maturity: An opportunity to avoid risk connected with physical outdating of assets. Structuring is done such that term is less than asset life. - Cash flow Management: Repayments can be tailored to meet cash flow pattern. - Tax Benefit: The VAT element can be claimed upfront
22 Contacts Contact our customer care on: Phone: +255(22) ; Website: Hentie Stemmet Head business banking Mobile: William Makoresho Erick Shao Charles Kapufi Head Commercial Banking Mobile: Head Vehicle and Asset Finance Mobile: Head Trade Services Mobile:
23 Thank you
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