This week the leaders for borrowers cutting loan costs were American International Group Inc., the world’s largest insurer, and Standard Bank Group Ltd., Africa’s biggest lender, according to Bloomberg.

Standard Bank Asia Ltd. in Hong Kong borrows $250 million to repay more expensive debt, according to data received by the bank’s investors via internet.

Taipei-based credit-card unit of AIG received the offer from banks for a NT$10 billion ($317 million) loan to refinance debt at lower rates, according to lenders involved in the deal. The unit is expected to use loans to refinance a NT$10.7 billion three-year loan signed in 2002.

Standard Bank Asia in Hong Kong said it would slash borrowing costs by nearly a fifth with its new three-year credit.