Mizuho Corporate Bank and Standard Chartered Bank have closed a two year $155m cross-border syndication for Banco Santander Brasil in Asia.

According to the Mizuho, the deal will help Santander Brasil to further diversify its funding sources in Asia and Mizuho and Standard Chartered to strengthen financial ties between Latin America and Asia.

Mizuho and Standard Chartered Bank were the mandated lead arrangers and bookrunners.

In addition to the Bookrunners, five Asian banks joined the deal including Bank of Taiwan, Export-Import Bank of the Republic of China, and Malayan Banking Berhad as lead arrangers, and Bank SinoPac and The Shanghai Commercial and Savings Bank, as lead managers.

Santander Brasil head of Structured & International Funding Maximiliano Herrera Foessel said this is a highly strategic transaction for the bank as it is the first one that was placed in the Asian bank market, where the bank is keen on developing new banking relationships. Thus, the bank foresee this syndicated loan as a spearhead for bank’s funding strategy in this region.