Stanbic IBTC says has $24m Exposure to Etisalat

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 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," the bank told an analysts' call.