Baker McKenzie advised Bank One Limited ("Bank One") as arranger and swap provider on a USD 30 million USD/local currency swap with the Reserve Bank of a southern African country (the "Reserve Bank") and a participation agreement syndicating the transaction with I&M Bank PLC (a shareholder of Bank One). Under the terms of the transaction documents, the swap is collateralised by local government bonds, which are returned to the Reserve Bank upon the termination of the swap. The documents are structured for potential repeat transactions and as such effectively create a USD / local currency swap programme which the Reserve Bank can use to meet its USD funding needs on an ongoing basis.

The Baker McKenzie team in South Africa was led by Banking & Finance Partner Lodewyk Meyer and Senior Associate Bridgett Majola, with Partner Matthew Denning supported by Counsel Phung Pham and Senior Associate James Tanner in London.

Partner Lodewyk Meyer commented: "We were pleased to be able to assist Bank One and the Reserve Bank on this innovative transaction, which given its speed of execution and smooth syndication can be used as a model for other entities with similar funding needs".

Headquartered in Port Louis, Mauritius, with a representative office in South Africa, Bank One is a universal bank offering consumer, corporate, private and international banking products to its clients. Its shareholders CIEL Finance Limited and I&M Holdings PLC own sizeable banking operations in Madagascar, Kenya, Tanzania and Rwanda, giving Bank One a tangible presence in Africa.

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