Singapore's stock exchange said Monday it has secured around $3.7 billion 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$3.8 billion and Aus$750 million 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.