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Singapore - Singapore's stock exchange said Monday it has secured around $3.7bn in funding from six banks for a proposed merger with Sydney's bourse.
SGX said in a statement the funding consisted of term loans of Sg$3.8bn and Aus$750m from leading banks in both countries.
Both stocks exchanges announced the multi-billion dollar merger in October, intended to create one of the world's largest and most diversified financial trading hubs.
The announcement initially sparked a political backlash in Australia, where key independent lawmakers questioned Singapore's human rights and democracy record and argued that the deal would disadvantage Australia.
But Australia's competition watchdog said in December it will not oppose the merger, bringing the deal one step closer to completion.
Funding will come from the Australia and New Zealand Banking Group, the Singapore branch of The Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Oversea-Chinese Banking Corp, United Overseas Bank and National Australia Bank.
"We thank the six banks for their confidence in the proposed combination and their support towards creating the leading Asia-Pacific exchange," said SGX chief executive Magnus Bocker.
"This transaction has attracted significant interest from the loans market and we are pleased to have achieved competitive pricing consistent with our good credit standing."
However, the proposed merger, scheduled for completion in mid-2011 is also being reviewed by Australia's securities and foreign investment watchdogs, as well as the central bank, and must be approved by the Treasurer.
Australia's parliament, where Prime Minister Julia Gillard's centre-left government holds just a one-vote majority in the lower house - will then have to pass a bill allowing the deal to go ahead.
