Banking and finance in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law is a leading independent firm for project finance, acquisition finance and corporate finance, with additional experience in sustainable and Islamic structures. Primarily acting on the lender side, the team acts for both local and international banks, with expertise in both syndicated, consortium and bilateral financing. Emir Nurmansyah leads the practice and alongside banking and finance has expertise in complementary areas such as restructuring, corporate and project finance.

Practice head(s):

Mr. Emir Nurmansyah

Work highlights

  • Counsel to a consortium of lenders for the $1.846b financing to PT Pertamina EP Cepu for the development of the Jambaran-Tiung Biru gas project.
  • Assisted the International Finance Corporation on its $150m four-year debt facility to PT Bank BTPN Tbk,
  • Acted as Indonesian counsel to OCBC Malaysia in relation to the provision of an Islamic finance facility and a conventional facility of to Malaysian plantation company GoldenLand Berhad Malaysia.

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners’ core areas of focus include project, property and acquisition finance mandates, with expertise in handling syndicated and bilateral structures. Founding partner Ibrahim Assegaf leads the practice and has advised lenders on the financing and refinancing of major energy projects. Fellow founder Ahmad Fikri Assegaf has very broad capabilities and a key name in the market for Islamic finance. Yanu Wiriasmoko, who is highly skilled in corporate finance, is another key name.

Practice head(s):

Ibrahim Sjarief Assegaf

Key clients

Asian Development Bank

PT Bank BTPN Tbk.

PT Bank Central Asia Tbk.

PT Bank Mandiri (Persero) Tbk.

PT Bank Muamalat Indonesia Tbk.

PT Bank Danamon Indonesia Tbk.

PT Bank CIMB Niaga Tbk.

PT Bank Artos Indonesia Tbk.

PT Bank DBS Indonesia

PT Bank Rakyat Indonesia (Persero) Tbk.

PT Bank Maybank Indonesia Tbk.

Credit Suisse

J.P. Morgan

ABN Amro Bank N.V., Singapore Branch

Abu Dhabi Commercial Bank PJSC

Overseas-Chinese Banking Corporation Ltd

PT Metamorfosis Ekosistem Indonesia

Wealth Track Technology

PT Fintek Karya Nusantara

PT Medco Energi Internasional Tbk.

PT Indonesia Infrastructure Finance

PT Merdeka Copper Gold Tbk.

PT Mandiri Sekuritas

PT Pasifik Satelit Nusantara

PT Rukun Raharja Tbk.

PT Solusi Bangun Indonesia Tbk.

PT Sarana Multi Infrastruktur (Persero)



PT Saratoga Investama Sedaya Tbk

PT Danareksa (Persero)


PT Chandra Asri Petrochemical Tbk

Work highlights

  • Advised MEI and WTT as the buyer on the acquisition of PT Bank Artos Indonesia Tbk.
  • Lead counsel to the SOE investors into PT Fintek Karya Nusantara, the operator of digital transaction platform LinkAja!.
  • Advised IIF on a two-step $100m loan from the Asian Development Bank to the Government of Indonesia.

Ginting & Reksodiputro in association with Allen & Overy

Ginting & Reksodiputro in association with Allen & Overy is a popular choice for international lenders, with the team most recently advising a consortium of 12 banks including BNP Paribas, Standard Chartered and SMBC on the $698m refinancing of Trans Retail Indonesia. Most mandates tend to involve acquisition, project and structured finance as well as debt restructuring. Other areas of interest include advising on structures that incorporate Sharia or sustainability principles, as well as real estate finance. Managing partner Daniel Ginting and Tarsis Halintar lead the the team, with support from of counsel Desi Dwitiasrini.

Practice head(s):

Daniel Ginting

Key clients

PT Bank Mandiri (Persero) Tbk


Indonesia Infrastructure Finance

International Finance Corporation

PT Bank CIMB Niaga Tbk

PT Centratama Menara Indonesia

Work highlights

  • Advised the trustee for the holders of $300m million notes issued by PT Delta Merlin Dunia Textile (DMDT) in connection with the Indonesian court supervised restructuring proceedings.
  • Advised a club of 12 banks including BNP Paribas, Standard Chartered, SMBC and another global financial institution on the EUR590 million and USD90 million term loan facility which was used in part to finance existing facilities of the Trans Retail Indonesia group.
  • Acted for the lenders in relation to a financing to PT Solusi Bangun Indonesia Tbk, formerly known as PT Holcim Indonesia Tbk, now a subsidiary of PT Semen Indonesia Tbk.

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie is particularly prominent in advising financial institutions on M&A transactions, with other areas of focus including trade finance, acquisition finance and project finance. Erwandi Hendarta leads the practice and has unique regulatory expertise having previously worked as investment banker at Schroders and banking regulator at Bank Indonesia. Indri Guritno is another key name with broad expertise in structured finance, debt restructuring and Islamic finance.

Practice head(s):

Erwandi Hendarta


‘The strength is they can translate our interest in such an elegant way and also can cover all parties.’

‘They always explained to bankers about the background, and even always visualize what is the effect of the writing if something bad happened.’


Key clients


Standard Chartered Bank


Compass Banca SpA ( a subsidiary of Mediobanca SpA)

Hongkong and Shanghai Banking Corporation Limited

Citibank N.A

PT Bank Rakyat Indonesia (Persero) Tbk

PT Bank Mandiri (Persero) Tbk

BNI (Persero) Tbk.

Credit Suisse



JP Morgan Chase Bank

PT Kereta Cepat Indonesia China

PT Perusahaan Listrik Negara (Persero)

Sumitomo Corp

PT Astra International Tbk

Work highlights

  • Acted as lead counsel for MUFG Bank in the acquisition of Bank Danamon Indonesia.
  • Acted as lead counsel to joint sellers SCB and Astra on the USD 2.14 billion sale of Bank Permata Tbk to Bangkok Bank.
  • Acted on the financing of the high speed rail project to connect Jakarta and Bandung.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

With an impressive roster of international lenders among its clients, Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills stands out for its expertise in project finance with additional expertise in real estate, acquisition, and corporate finance. The team handles both syndicated and bilateral loan structures and is also very prevalent in Islamic finance. Founding partner Tjahjadi Bunjamin jointly leads the team and is highly skilled in complex cross-border financings, most recently acting on a deal comprising of 11 banks and spanning across nine different jurisdictions. He leads the team alongside Adrianus (Tommy) Adritomo whose key capabilities are in project finance and debt restructuring.


‘Hiswara Bunjamin & Tandjung is very responsive, practical, reliable, and open to negotiation on fees. We are happy that HBT is our go-to counsel for loan financing matters.’

‘We work closely with Adrianus Adritomo. He’s affable, approachable, dependable, and keeps a close oversight of the file despite being the overall partner in charge.’

‘Very responsive and knowledgeable, especially in the area of Export Credit Agency (ECA) covered financings.’


Key clients

Australia and New Zealand Banking Group Limited

Bank DBS Indonesia

DBS Bank Ltd.

Bank Mandiri (Persero) Tbk.

Oversea-Chinese Banking Corporation Limited (OCBC)

Coöperatieve Rabobank U.A., Singapore Branch

Deutsche Bank AG

MUFG Bank, Ltd., Jakarta Branch

Indonesia Eximbank (Lembaga Pembiayaan Ekspor Indonesia)

Korea Development Bank

Agence Française de Dévéloppement (AFD)

Landesbank Baden-Württemberg (LBBW)

Credit Suisse

Bank of China

The Export–Import Bank of China

Work highlights

  • Advised the lenders in extending a $1b term loan facility to state electricity company PT Perusahaan Listrik Negara.
  • Advised the finance parties in the ninth amendment to the $877m credit agreement to PGS ASA, a Norwegian marine seismic survey and data processing company.
  • Advised Bank Mandiri on a US$300 million facility extended to Indonesian investment holding company PT AP Investment

Widyawan & Partners

Widyawan & Partners ‘works harmoniously with its affiliated Linklaters offices in Singapore and elsewhere’ creating ‘a smooth service for clients’. Adrian Pranata leads the team and is particularly prominent in advising intentional lenders on acquisition finance, debt restructuring, and structured financing. Senior foreign legal counsel David Holme, who focuses on project finance, is also recommended.

Practice head(s):

Adrian Pranata


‘Adrian Pranata leads a Private Credit and Restructuring team which towers above any other firm in Indonesia for its pragmatic advice, concise drafting and deep knowledge of Indonesian legal theory and practice.’

Key clients

HSBC Indonesia

Mizuho Indonesia

PT Bank Mandiri (Persero) Tbk

DBS Indonesia

Maybank Indonesia

Standard Chartered Bank

Nomura Singapore Limited

Investment Opportunities V Pte Ltd

Bank Tabungan Pensiunan Nasional Tbk


PT Medco Power Indonesia

Ratchaburi Electricity Generation Holding PCL

MUFG Bank Ltd

Work highlights

  • Advised on the project financing of a 275MW Gas Fired Power Plant Project in Riau province, Indonesia.
  • Advised on a US$700m syndicated revolving facility for PT Indonesia Asahan Aluminium (Persero).

Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia

Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia had a very successful year having advised Bangkok Bank on it’s $2.3b financing of Bank Permata, which was one of the biggest deals in Southeast Asia. The team advises lenders, underwriters and arrangers on both financing and debt restructuring. Financings tend to revolve around acquisitions, projects and corporate funding. Fajar Ramadhan leads the practice and is supported by capital markets expert Kristo Molina.

Practice head(s):

Fajar Ramadhan

Key clients

Bangkok Bank Public Company Limited

Work highlights

  • WCA is advising Bangkok Bank Public Company Limited as Indonesian counsel on the financing for its US$2.3 billion acquisition of a majority shareholding in Bank Permata Tbk from Standard Chartered Bank and PT Astra International Tbk.

Makarim & Taira S.

An independent firm, Makarim & Taira S. has expertise in both domestic and cross-border transactions, especially in areas such as syndicated lending, export credits, refinancing, and debt restructuring. Kurniawan Tanzil works at the helm and is an expert in both corporate and project finance, with additional expertise in capital markets. Lina A. Amran is another key name, focusing on trade financing, credit insurance, and commodities trading. Maria Sagrado, who supports foreign investors, has extensive experience in regulatory work, particularly when it comes to the fintech sector.

Practice head(s):

Kurniawan Tanzil

Key clients

China Development Bank

Bank of China

Visa Worldwide


BNP Paribas

Bank of America

Bangkok Bank Public Company Limited

Deutsche Bank AG

The Bank of Tokyo-Mitsubishi UFJ, Ltd and Mizuho Corporate Bank, Ltd,

The Hongkong and Shanghai Banking Corporation Limited

PT Bank Mandiri (Persero) Tbk.

PT Cirebon Energi Prasarana

Axis Bank Limited

Alipay (Hong Kong) Holding Limited

WeLab Quest Limited

Work highlights

  • Acted as the Indonesian counsel to PT Lestari Banten Energi in connection with international offering outside Indonesia of $775m senior notes.
  • Acted as legal counsel for PT Ciptadana Capital related to the amendments to the subscription agreement related to the issuance of medium term notes by PT Sentul City.
  • Acted for Sampoerna Strategic in its shareholder capacity in connection with a $40m term loan facilities agreement of which Gemcorp Capital LLP.

Oentoeng Suria & Partners

Project financing is the key area of focus for Oentoeng Suria & Partners, most notably acting for high profile clients from China including China Development Bank, China Construction Bank and Bank of China. Rizaldy Tauhid leads the practice and has extensive experience in the financing of major infrastructure projects, with additional expertise in capital markets.

Practice head(s):

Rizaldy Tauhid 

Work highlights

  • Advising China Development Bank on the US$4.5 billion project financing for the development of the Jakarta-Bandung High Speed Rail Project.
  • Advising Société Générale as lender, hedging bank and agent on the project financing of two utility scale solar PV power projects. .
  • Advised China Construction Bank, Bank of China and Bank ICBC Indonesia on the project financing of an independent power project.

SSEK Legal Consultants

SSEK Legal Consultants is highly skilled in handling the regulatory aspects of financial services and insurance firms entering the market, as well as expertise in project finance and syndicated loans. The team is led by Ira Eddymurthy who is and expert in project finance, insurance and tax law.

Key clients


Korea South-East Power

Korea Environment Corporation

Doosan Heavy Industries & Construction

Air Products

OMV Refining & Marketing GmbH


Ping An Puhui


China Development Bank

KEB Hana Bank





Western Union

Work highlights

  • Retainer firm in Indonesia for China Development Bank handling day-to-day matters including licensing, contracts review and employment matters.
  • Acted as Indonesian counsel to KEB Hana Bank Korea in connection with the acquisition by LINE Corporation, through its subsidiary LINE Financial Asia, of a 20% stake in PT Bank KEB Hana Indonesia.
  • Successfully assisted a tech startup backed by angel investors in negotiating the document compliance process as part of its application for an e-money license from Indonesia’s central bank.

TNB & Partners

TNB & Partners advises intentional lenders on investment and asset financing, counting Bangkok Bank among its client roster. Tasdikiah Siregar works at the helm, noted for her expertise in the aforementioned areas as well as in shipping and aviation finance.

Practice head(s):

Tasdikiah Siregar

Key clients

Bangkok Bank Public Company Limited

Work highlights

  • Assisted Bangkok Bank Public Company Limited in a financing to PT Barito Pacific Tbk.

Makes & Partners

Property finance is a key strength of Makes & Partners, advising major local investors such as Agung Podomora Land and Lippo Malls Indonesia Retail Trust. Managing partner Yozua Makes and Fransisca S.H. are the key names of note.

Practice head(s):

Yozua Makes; Fransisca

Key clients

PT Agung Podomoro Land Tbk

Lippo Malls Indonesia Retail Trust (LMIRT) Management Ltd

PT Surya Semesta Internusa Tbk

PT Plaza Indonesia Realty Tbk

Work highlights

  • Advised APLN in syndication financing by Credit Opportunities II Pte. Limited, in the total amount of $ 127m.
  • Advised a financial consortium on the syndication financing of Dana Investasi Real Estate Simas Plaza Indonesia .

Mochtar Karuwin Komar

Corporate financing has been a key strength of Mochtar Karuwin Komar with additional expertise in debt financing, trade financing and project financing. Emir Kusumaatmadja is the key name of note.

Soemadipradja & Taher

Soemadipradja & Taher has expertise in financing and restructuring transactions, and has recently enhanced its cross-border capabilities due its recent alliance with Singaporean firm Allen & Gledhill LLP. The team advises international and local clients, with its current workload involving the refinancing of bilateral loans, corporate facility agreements, and regulatory compliance issues.  Emalia Achmadi is the key name to note.

Hanafiah Ponggawa & Partners

Hanafiah Ponggawa & Partners is currently active in handling corporate and aviation finance, as well as corporate in fintech. Leading the practice is Andre Rahadian who is highly skilled in the aforementioned areas and advises both local and international clients.

Key clients


CLSA Capital Partners (HK) Limited

Accial Capital Management LLC

Apple Bank for Savings

Work highlights

  • Assisted CLSA Capital Partners (HK) Limited on providing loan to PT Pan Brothers Tbk. by way of the issuance of bonds
  • Advised Bank OCBC NISP on a term loan facility for a multinational company engaged in packaging paper
  • Advised Accial Capital Management on a loan for PT Solusi Digital Interasia, through Investree

Ivan Almaida Baely & Firmansyah Law Firm (IAB&F)

Ivan Almaida Baely & Firmansyah Law Firm (IAB&F) acts for a number of public and private domestic companies, with standout strengths in debt restructuring, shipping finance and project finance.  Ivan Ferdiansyah Baely works at the helm and has a particularly unique insight into debt restructuring having formerly worked for the Indonesian Bank Restructuring Agency.

Work highlights

  • Advised Bank Negara Indonesia on a refinancing loan to Sumber Segara Primadaya.
  • Acting as a legal counsel of PT Angkasa Pura II for restructuring its existing debt and obtaining new loan facility from PT Bank Negara Indonesia.
  • Acting as a legal counsel of PT Angkasa Pura II for restructuring its existing debt and obtaining a new loan facility from PT Bank Maybank Indonesia Tbk.

Roosdiono & Partners

Roosdiono & Partners's membership of the ASEAN Zico Law partnership makes it well-placed to handle cross-border loan facilities, with additional expertise in Islamic finance and fintech.  Leoni Silitonga heads up the team and is experienced in project finance, structured finance  and asset backed securities, among other areas.

Key clients

PT Shinhan Sekuritas Indonesia and Shinhan Investment Corp.

MIDF Amanah Investment Bank Berhad

The German Investment and Development Corporation (“DEG”)

Malayan Banking Berhad (“Maybank”)

Airbus Financial Services Unlimited Company (“AFS”)

Work highlights

  • Advising PT Shinhan Sekuritas Indonesia and Shinhan Investment Corp as leading managers in respect of the issuance of bonds by PT Lontar Papyrus Pulp & Paper Industry.
  • Advising MIDF Amanah Investment Bank Berhad in respect of an Islamic term financing facility to the borrower for the purpose of part financing the purchase of second cable laying bare boat in Indonesia.
  • Advising DEG on its proposed investment in Asia Collect Holdings.

Siregar & Djojonegoro

Predominantly acting for domestic clients, Siregar & Djojonegoro is highly skilled in handling corporate and project finance mandates, with recent instructions involving syndicated and bridge financing structures. Founding partner Zippora Siregar leads the practice and is very experienced in corporate and acquisition finance, with expertise in complementary areas such as foreign investment and capital markets.

Practice head(s):

Zippora Siregar

Work highlights

  • Represented PT Indonesia Asahan Alumunium in respect of a club deal loan financing transaction from foreign banks including Bank BTPN, Bank HSBC, Mizuho, and MUFG.
  • Represented PT Indonesia Asahan Alumunium in respect of a syndicated loan financing transaction from PT Bank Mandiri (Persero) Tbk. for the purpose of capital expenditure and number of acquisitions.
  • Representing PT Borneo Alumina Indonesia in respect of bridge financing facility from Bank BTPN,IndoExim Bank, ICBC, Bank of China, Bank Mandiri and Bank BNI.