Hong Kong > Banking and finance
Banking and finance
This section includes mainstream banking and finance matters. Other specialist finance work can be found in the Asset finance, Capital markets and Structured finance and securitisation sections, and project finance is dealt with in Projects and energy.
Clients see Allen & Overy as ‘the banking and finance firm of choice’, praising its ‘good business acumen and industry knowledge’. The practice advised Citigroup on extending the bridge debt financing of Tata Motors’ acquisition of JaguarLandRover, and restructured the GST AutoLeather deal for the Bank of New York Mellon. Practice head Vicki Liu is ‘technically sound and very responsive’, while Thomas Brown and Joseph Tse are ‘extremely experienced’. Roger Lui, recently appointed partner, has a reputation as ‘a critical thinker’.
The ‘excellent’ practice at Clifford Chance has a strong track record in leveraged finance, pre-IPO work, and trade and acquisition financing. The team, led by Huw Jenkins, and with a key partner in Anthony Wang, has been strengthened by Matthew Truman’s appointment as partner and Andrew Hutchins’ move from London. The practice represents China Development Bank, Bank of China, HSBC and Credit Suisse, and handles debt financing in Macau.
Trevor Clark runs Linklaters’ practice, focusing on structured lending, trade finance, leveraged acquisition finance and syndicated facilities. David Irvine acted for Korea Development Bank in restructuring and refinancing a $400m bridge facility regarding the acquisition of a US cable manufacturer, while the practice also advised Hong Kong Telecommunications on HK$23.8bn loan facilities. John Maxwell is a key figure, though practice stalwart Patrick Fontaine has retired.
Baker & McKenzie’s relationships with Asian financial institutions, such as ICBC, China Construction Bank and CITIC Capital, helped the practice weather the financial downturn. Andrew Lockhart and Barry Cheng head the practice, with Stephen Eno also recommended. The ‘very efficient and responsive’ team represented Standard Chartered Bank in a $200m pre-funded syndicated term loan facility to Zoomlion Overseas Investment Management, and advised a syndicate of lenders led by Bank of China in a $600m term loan facility for Huawei Technology.
Mallesons Stephen Jaques acts for mid-market borrowers and lenders. Clients report ‘turnaround time is exceptionally fast, the advice is concise, clear and practical’ and ‘value for money’. Steven Christopher is widely acclaimed as he ‘understands the banking industry’, has ‘excellent depth of knowledge across a broad range of banking products’ and ‘can provide advice in a clear and practical manner’. The sizeable team at Mayer Brown JSM has ‘a good understanding of the regional legal issues’, offering ‘appropriate advice and workable solutions - their presence makes for smoother negotiations with borrowers’. The practice excels in real estate financing, having advised a syndicate of banks led by HSBC on a HK$4.5bn REIT for development in Kowloon. Clients also include ANZ Bank, Hang Seng Bank and Calyon. Alastair MacAulay, Keith Cheung and Allan Yu are ‘responsive and knowledgeable in their specialist areas’.
Deacons’ practice is led by Simon Deane, with partners Lam Wing Wo and Philip Gilligan focusing on PRC-related work and structured trade finance respectively. The core client base is made up of consumer banks such as Standard Chartered, Bank of China, ICBC and Bank of Tokyo.
Freshfields Bruckhaus Deringer draws together strength in equity capital markets, projects and corporate work, to form a good borrower-oriented practice. The team is ‘very responsive, with strong product knowledge and a good understanding of the market’, with clients singling out Bruce Cooper as ‘very strong technically with extensive restructuring and finance experience in Asia’. Following the retirement of Yeelong Tan, key partners include Clive Rough and Perry Sayles who has transferred from New York.
Latham & Watkins LLP provides ‘outstanding advice and results’, acting for borrowers and lenders. The practice has energy sector expertise, having represented the Lion Power consortium in its S$4bn acquisition of Senoko Power. Joseph Bevash leads the team, which includes Patrick Flanagan and David Miles, who recently transferred from London.
Lovells has, according to clients, ‘recruited a number of talented professionals, providing real depth in quality across the board’, and ‘provides timely, thorough and commercially sound advice’. Practice head Gary Hamp, whom clients say ‘has a well-rounded skill set and knowledge base’, and partner Owen Chan are assisted by a top-tier restructuring practice.
Norton Rose Hong Kong focuses on structured trade and outbound PRC work, including ECA-backed finance, and represented a syndicate of banks led by Société Générale on a $114.5m KEIC-backed loan facility to Kumho Tire (Tianjin). Key partners include Peter Haslam, Yu-Eng Ong and Stephen Begley.
Paul, Hastings, Janofsky & Walker is known for leveraged finance, real estate and acquisition finance. Brett King led the team advising the lead arrangers on the $850m senior financing for the LBO of Oriental Brewery by KKR and Affinity Equity Partners. Clients praise the team’s ‘experienced lawyers’ and ‘good drafting skills’.
Richards Butler in association with Reed Smith LLP has developed mainstream banking practice from its expertise in asset finance. Clients say ‘they have good subject matter knowledge and are quick to respond’. Andrew Brown and Chris Tang acted for CITC Group on the $1.5bn standby facility, convertible note and derivative novations with CITC Pacific; other clients include Barclays Capital, BNP Paribas and Standard Chartered Bank.
Simmons & Simmons maintains strong relationships with lenders including Standard Chartered, Bank of East Asia, Rabobank and Shanghai Pudong Development Bank. Clients report that ‘lawyers are responsive, efficient and excellent value for money’ and ‘advice is always well-considered and appropriate’. Richard McKeown leads the practice.
White & Case continued to expand its ‘friendly and responsive’ team with hires in Singapore and Shanghai. The practice is led by ‘excellent lawyer’ John Hartley, with Guan Feng Chen displaying ‘good business acumen’. The group represented a syndicate of lenders in financing the $280m LBO of Singapore-listed Unisteel Technology by KKR.
Allens Arthur Robinson offers ‘very good response times - they pull out all stops to meet our deadlines’ as well as ‘good common-sense advice, keeping business imperatives in mind’. The practice focused on Vietnam, Thailand, Indonesia and Cambodia in 2009, as well as working with ANZ, Natixis and National Australia Bank. Matthew Barnard and Tim Manefield are ‘excellent’, displaying ‘commercial sense and dedication’, and were joined by senior partner Jim Dunstan.
Orrick, Herrington & Sutcliffe’s lender-oriented practice comprises expertise in project finance through Christopher Stephens, structured finance with Michelle Taylor and real estate finance in James Tervo, who ‘brings a wealth of experience’. Clients say ‘work is excellent in all respects’. The team is advising KPMG as liquidator of Lehman Brothers’ portfolio of Chinese real estate investments.
Shearman & Sterling LLP offers a combination of ‘intellectual horsepower, stamina, diligence and integrity’ and ‘junior staff are extremely focused’. The practice represented International Petroleum Investment in its purchase of a $1.1bn exchangeable bond to acquire a stake in Oil Search. Key contacts are Shanghai partner Andrew Ruff and Hong Kong-based counsel Nick Wang.
Slaughter and May’s multi-disciplinary approach helped the firm weather the economic storm, maintaining relationships with Swire Pacific, MTR and Standard Chartered. Lisa Chung, Peter Lake, Richard Thornhill and Benita Yu are recommended.
Key partner departures from DLA Piper, including Andrew Wang and King Tak Fung to Eversheds LLP, have caused some concern in the market, but the practice retains senior talent with Martin David in Singapore and Peter Kwon in Hong Kong. Key clients include Standard Chartered Bank, China Construction Bank and Ping An Insurance.
Fried, Frank, Harris Shriver & Jacobson LLP in association with Huen Wong & Co represents a mix of borrowers and lenders, and excels in the real estate sector. The practice, led by William Yoo, acted for Credit Suisse on its $43.5bn loan for Re-Plus as part of the refinancing of China Central Place in Beijing, and also for Morgan Stanley Real Estate Investing.
Gallant Y. T. Ho & Co services financial institutions in Hong Kong and China, covering regulatory work, documentation and compliance, and syndicated lending.
Kao Lee & Yip has earned its reputation for property-related financing, with a client base including various local financial institutions.
Livasiri & Co covers debt issues, secured lending, trade finance and restructuring; it represents ICBC in Hong Kong .
Milbank, Tweed, Hadley & McCloy is highly regarded for energy-related finance, handled by Young Joon Kim. The practice represented wind farm sponsors Sumitomo and Kyushu Electric Power, and assisted GNPower in financing a coal-fired power project in the Philippines.
Robertsons’ commercial team has expertise in real estate financing, asset finance and banking. Key contacts include Christopher Gordon, Chris Lambert and Warren Ko.
Clients report that Sidley Austin ‘understands our commercial concerns’ and ‘always respond to our enquiries very quickly’. Consultant Samuel Chau, who offers ‘experience and professionalism’, led the team advising various real estate developers including China Vanke and Gemdale on financing several leveraged or limited recourse real estate projects in China.
Stephenson Harwood & Lo has a niche in trade finance and secured lending, led by the ‘outstanding’ Mark Reed. The practice acts for local branches of several international banks, working on a complex $30m secured loan facility for the subsidiary of a major Austrian bank, which ranged across Australia, China, BVI and UK. The ‘excellent team’ addresses issues ‘from the client’s perspective’.
The finance practice at Woo Kwan Lee & Lo draws on expertise in M&A, capital markets and real estate financing. Angelina Lee led a team acting for Henderson Land Development in securing a HK$8bn loan facility from a syndicate of banks.