Banking and finance in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law's multi-disciplinary practice covers syndicated and bilateral loans, leveraged and acquisition financings, and security arrangements. Emir Nurmansyah leads the team and is an expert in cross-border financings and transactions. Another key figure is Theodoor Bakker, who is skilled in acquisition finance, structured finance and security arrangements. Also recommended are infrastructure financing experts Ayik Candrawulan Gunadi, Nurdin AdiwibowoFreddy Karyadi and Elsie Hakim, who recently made partner.

Practice head(s):

Emir Nurmansyah


‘Highly efficient and detail-oriented team that never drops the ball.’

Work highlights

  • Provided general regulatory and compliance advice to Bank Artha Graha Internasional.
  • Acted as Indonesian counsel to Bank of China in respect of its $153m loan facility to Palapa Satelit Nusa Sejahtera.
  • Acting as counsel to the finance parties for their €112.05m loan facility to Indonesia’s state electricity company, Perusahaan Listrik Negara, to finance ongoing work at the Sumbagut-2 250 MW Peaker Power Plant in Aceh province.
  • Acting as Indonesian counsel to BNP Paribas on its $100m loan to Ireland-based Wafu Aviation Designated Activity Company to partly refinance its acquisition of five aircraft manufactured by ATR.
  • Acting as counsel to ABN Amro Bank on the first amendment to its $200m uncommitted facility letter in relation to the uncommitted facility extended to PT Pertamina.

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners is highly skilled in project, property and acquisition financings. Ibrahim Sjarief Assegaf co-heads the practice and has represented borrowers and lenders on high-profile financings. Also leading the team is Ahmad Fikri Assegaf, who has represented domestic and international companies as well as state bodies on corporate finance mandates. Yanu Wiriasmoko, an expert in structured financing and leveraged buyouts, is also highly recommended.

Practice head(s):

Ahmad Fikri Assegaf; Ibrahim Sjarief Assegaf 

Other key lawyers:

Yanu Wiriasmoko 

Key clients

PT Bank Tabungan Pensiunan Nasional

Bank Muamalat

PT Pasifik Satelit Nusantara and PSN Consortium

PT Bank Permata Indonesia

PT Bank Danamon Indonesia Tbk

PT Royal Industries Indonesia

MUFG Bank, Ltd

PT UangMe Fintek Indonesia

National Bank of Kuwait S.A.K.P., Singapore Branch

TAEL Partners

Work highlights

  • Advised Bank Tabungan Pensiunan Nasional (BTPN) on its merger with Bank Sumitomo Mitsui Banking Corporation Indonesia in which BTPN is the surviving bank.
  • Assisted BMI with the sale of its non-performing facility and subscription of a new sukuk to improve its capital adequacy ratio.
  • Acting as general counsel to Pasifik Satelit Nusantara in the bidding process for Indonesia’s first multifunctional satellite project, worth $421.9m.
  • Assisted Permata with its intention to bid for the small and medium enterprises business division of PT Bank Rabobank International Indonesia.
  • Assisted in the sale of Bank Danamon’s non-performing loans (NPLs) to Collectius AG.

Ginting & Reksodiputro in association with Allen & Overy

Ginting & Reksodiputro in association with Allen & Overy has a strong reputation for its work on high-value, complex, cross-border finance projects in the area. Daniel Ginting leads the team and is highly experienced in handling project finance, acquisition financings and structured financing transactions. Other important figures in the team include project finance specialist Michael Tardif and Tarsis Halintar, who is an expert in acquisition financing and project finance. Also recommended is of counsel Desi Dwitiasrini, who works on structured finance transactions.

Practice head(s):

Daniel Ginting

Key clients

Japan Bank for International Cooperation (JBIC)

Nippon Export and Investment Insurance (NEXI)

Asian Development Bank

Marubeni Corporation

Sumitomo Corporation

Mitsui & Co., Ltd.


Pembangkitan Jawa Bali

Indika Energy Tbk

Bank Mandiri

Work highlights

  • Advised a consortium of lenders in relation to the development, construction and operation of the 1,760MW Jawa-1 gas-fired power plant in Indonesia – Asia’s first LNG-to-power project and one of the largest LNG-powered plants in South East Asia.
  • Advised Mizuho Bank and MUFG Bank, and their Indonesian branches, in relation to equity bridge loans provided to Jawa Satu Regas and Jawa Satu Power in connection with the construction of a 1,760MW Jawa-1 combined cycle gas turbine power generation plant and the floating storage and regasification unit in Indonesia.
  • Advising Pembangkitan Jawa Bali on the proposed development of the 800MW Jawa-3 gas combined-cycle power plant in Indonesia.
  • Acting for Pertamina Power Indonesia, Axia Power Holdings, BV, and Intraco CNG in their role as sponsors of the development of a 1,200-1,400MW LNG–to-power project in Bangladesh.
  • Advising Mitsui & Co and Shikoku Electric Power Co on the acquisition of a 30% stake in a subsidiary of the IDX-listed renewables energy producer PT Terregra Asia Energy Tbk for the development of the Batang Toru 3 10MW mini hydropower project in South Tapanuli Regency, North Sumatra province.

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

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie covers the spectrum of banking and finance work, which includes bilateral and syndicated loans, as well as project finance, acquisition finance and Islamic finance. Erwandi Hendarta leads the team and has extensive experience in handling M&A transactions within the banking sector. Also recommended are  Indri Pramitaswari Guritno, who specialises in structured finance transactions, and Kreshna Yuditya Rahmat, who is experienced in sharia financings.

Practice head(s):

Erwandi Hendarta


‘The team consists of very highly qualified personnel in the area of banking and finance, particularly for the Indonesian loan market.’

‘They have capabilities in using the Asia Pacific Loan Market Association format or standard on syndication legal documentation.’

‘The firm has very deep capabilities in syariah financing.’

‘Having worked with HHP for around ten years, they have provided one of the best services in guiding and advising their clients.’

Key clients

Kereta Cepat Indonesia China


Hong Kong and Shanghai Banking Corporation Limited


Bank Rakyat Indonesia

Perusahaan Listrik Negara

Standard Chartered Bank


Credit Suisse


Hiswara Bunjamin & Tandjung in association with Herbert Smith Fr

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills is a key player for project finance, but also has very strong capabilities when it comes to financings in the banking, real estate, insurance and fintech areas. Founding partner Tjahjadi Bunjamin is an important figure and highly experienced in handling cross-border financings. Other notable names are David Dawborn, who has a longstanding background in the project finance space, and Adrianus (Tommy) Adritomo, who regularly deals with debt financing transactions.

Practice head(s):

Tjahjadi Bunjamin; David Dawborn; Adrianus (Tommy) Adritomo

Key clients

OCP Asia

SC Lowy

Telkom Indonesia

Arkora Energy

Delta Merlin Dunia Textile

ING Bank N.V., Singapore Branch

Eximbank Indonesia

DBS Bank Ltd

BNP Paribas

Bank Mandiri

Korea Development Bank

Australia and New Zealand Banking Group Limited

Credit Suisse

Societe Generale


The Islamic Corporation for the Development of the Private Sector

Work highlights

  • Advised the finance parties in a senior secured facility of $500m to Medco Energi companies PT Medco E&P Malaka and PT Medco E&P Tomori Sulawesi.
  • Advised PT Bank Mandiri (Persero) Tbk on a $200m facility to PT Medco Energi Internasional Tbk.
  • Advised various multinational banks as arrangers of a $1.5bn revolving loan to state electricity company PLN.
  • Advised DBS Bank on a $150m revolving loan facility to state electricity company PLN.
  • Represented PT Delta Merlin Dunia Textile, part of one of the largest vertically integrated textile groups in Indonesia, in its debut issue of a $300m Regulation S/Rule 144A notes offering, listed on the Singapore Exchange Limited.

Widyawan & Partners

Widyawan & Partners is regularly instructed in complex, cross-border deals, with a number of international banks on its client roster. Adrian Pranata co-heads the practice and primarily acts on the sponsor side on financing projects. Also leading the practice is David Holme, who primarily acts on the lender side for project finance.

Practice head(s):

Adrian Pranata; David Holme


‘The firm provides very good expertise on Indonesian banking partners and their relationship with Linklaters provides a very good combination for cross border matters.’

‘Adrian Pranata is the go-to banking partner for Indonesian financing matters. He is very solid and can be relied on for being commercially minded.’

Key clients


Bank Mandiri

DBS Bank Ltd


Standard Chartered Bank


The Bank of Tokyo

Mitsubishi UFJ

Deutsche Bank

Credit Suisse

ADM Capital

Sumitomo Mitsui Banking Corporation

Work highlights

  • Acting for the Pertamina, Marubeni and Sojitz consortium on the development and financing of a 1,760MW Jawa-1 gas-fired combined-cycle power project in West Java province.
  • Acting for Medco Power Indonesia and Ratchaburi Electricity Generating Holding PCL, as sponsors, on the project financing of a 275MW gas-fired power plant project in Riau province.
  • Advised Citigroup, DBS Bank and HSBC, as arrangers, on a $350m facility to PT Sri Rejeki Isman Tbk.
  • Advising SMBC and PT Bank Sumitomo Mitsui Indonesia on the merger of PT Bank Sumitomo Mitsui Indonesia with PT Bank Tabungan Pensiunan Nasional Tbk.
  • Advising MUFG Bank, Ltd, as arranger, on a loan facility to PT Bank Rakyat Indonesia (Persero) Tbk.

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

Witara Cakra Advocates (WCA) in association with White & Case acts for lenders, underwriters and arrangers and is notably strong in project and real estate financing. Practice head Fajar Ramadhan has been very active in bridge and debt financing transactions.

Practice head(s):

Fajar Ramadhan


‘The firm has top-notch lawyers working on cross-border transactions.’

‘The team works seamlessly and delivers quality and timely work.’

‘Strong understanding of domestic and international matters.’

‘Ability to effectively find solutions to challenging issues.’

Key clients

Standard Chartered Bank

UOB Kay Hian Private Limited

International Finance Corporation

Work highlights

  • Advised Standard Chartered Bank, as lender, in relation to an approximately $550m bridge financing to Medco Energi Global Pte Ltd, owned by PT Medco Energi Internasional Tbk.
  • Advised UOB Kay Hian Pte Ltd on the proposed $60m bridging loan granted to certain borrowers in relation to the IPO of PT Pollux Properti Indonesia Tbk.
  • Assisted the IFC with its $100m debt financing to PT Surya Semesta Internusa Tbk.

Makarim & Taira S.

With a client base that includes banks, financial institutions and insurance companies, Makarim & Taira S. is a popular choice for aircraft and export credit financing, as well as bilateral and syndicated loans. Kurniawan Tanzil leads the team and represents both borrowers and lenders on complex financial transactions. Lina A. Amran is also skilled in banking transactions, with additional expertise in trade financing, credit insurance and commodities trading. Maria Sagrado regularly represents foreign investors in financial transactions and has a particular interest in the fintech space.

Practice head(s):

Kurniawan Tanzil

Other key lawyers:

Lina A. Amran; Maria Sagrado

Key clients

China Development

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.

Axis Bank Limited

DZ Bank AG

Alipay (Hong Kong) Holding Limited

WeLab Quest Limited

Work highlights

  • Acting as special Indonesian counsel to Freeport-McMoRan on a $3.5bn revolving credit facility.
  • Assisting and advising WeLab Quest Limited in relation to a joint venture transaction with PT Sedaya Multi Investama (part of Astra Group) for its peer-to-peer lending activities.

Mochtar Karuwin Komar

Core areas of focus for Mochtar Karuwin Komar include debt financing, trade financing and project financing. Emir Kusumaatmadja leads the team and is highly skilled in the aforementioned areas.

Practice head(s):

Emir Kusumaatmadja 

Oentoeng Suria & Partners

Oentoeng Suria & Partners advises both local and international lenders on major project financings. Ratih Nawangsari leads the team and is currently very active in advising on infrastructure financings. Also recommended is Rizaldy Tauhid, who has a similar focus on project finance.

Practice head(s):

Ratih Nawangsari 

Other key lawyers:

Rizaldy Tauhid


‘The team work and service the client well. Very informative and patient.’

Key clients

China Development Bank

Bank Central Asia

Bank Mandiri

Bank Negara Indonesia

Sarana Multi Infrastruktur

The Bank of Tokyo Mitsubishi-UFG

China Construction Bank

Bank China Construction

Bank Indonesia

Work highlights

  • Advising China Development Bank on an approximately $4.5bn financing for the development of the Jakarta-Bandung high-speed rail project.
  • Assisted Bank CCB Indonesia on the project financing of the Kalbar 1 coal-fired 2 x 100 MW power project located in Singkawang, West Kalimantan province.
  • Acted for a consortium of banks on the financing of a mine mouth power project and associated mine infrastructure in Gunung Mas Regency, Central Kalimantan province.
  • Acting for PT Bank Mandiri (Persero) Tbk on a $77.5m financing transaction for a notable coal mining service company.

SSEK Legal Consultants

Multinational financial groups regularly instruct SSEK Legal Consultants on loan agreements and financings, particularly when it comes to project finance. Ira Eddymurthy leads the practice and is notably skilled in the areas of project finance and insurance. Other key individuals include Michael Carl, who focuses on project finance and restructurings, and Fahrul Yusuf, who is a corporate lawyer with a strong emphasis on the banking sector.

Practice head(s):

Ira Eddymurthy 

Other key lawyers:

Michael Carl; Fahrul Yusuf


‘Michael Carl has the ability to communicate Indonesian legal issues and requirements in a Western lawyering style.’

Key clients

China Development Bank

KEB Hana Bank

Daido Life Insurance Company

WaterCredit Investment Fund 3




Bank Central Asia

Western Union

American International Group

Work highlights

  • Acted for WaterCredit Investment Fund 3 on funding water purification projects in Indonesia.
  • Acted as Indonesian counsel to the lender on a coal-fired power project.
  • Assisted McDermott with a pledge of shares of its subsidiaries in Indonesia as a securitisation for $1.1bn in financing.
  • Advising AIG on providing warranty and indemnity insurance for M&A transactions in Indonesia.
  • Assisted Ensco with the preparation of a loan agreement.

Makes & Partners

Makes & Partners has acted for both domestic and international clients on financings involving real estate, project development and retail. Founding partner Yozua Makes leads the practice and has extensive experience in both corporate and project finance.

Practice head(s):

Yozua Makes

Soemadipradja & Taher

Soemadipradja & Taher advises both lenders and debtors on project, corporate, retail, structured and sharia financing transactions. Retno Muljosantoso leads the team and is an expert in handling both conventional and Islamic finance. Also recommended is Emalia Achmadi, who is notably strong for regulatory and compliance issues.

Practice head(s):

Retno Muljosantoso

Other key lawyers:

Emalia Achmadi

Work highlights

  • Acted as Indonesian counsel to KSS in relation to the acquisition of the assets and businesses of the Takata Corporation in Indonesia.
  • Acted as independent Indonesian counsel to the joint bookrunners in relation to offering and sale of senior unsecured fixed rate notes by the Republic of Indonesia.

TNB & Partners

TNB & Partners represents international and domestic clients and is particularly well known for its work in shipping and aviation finance. Practice head Tasdikiah Siregar is highly skilled in these areas, as well as in debt finance matters.

Key clients

Bangkok Bank Public Company Limited

Bank QNB Indonesia


China Development Bank

BNP Paribas

Work highlights

  • Advising Bank QNB Indonesia on its credit policy and loan agreement with a publicly listed Indonesian company.

BUDIARTO Law Partnership

BUDIARTO Law Partnership is experienced in advising on asset, acquisition and project finance. Managing partner Widjojo Budiarto leads the team and is supported by senior associate Athalia Devin.

Practice head(s):

Widjojo Budiarto

Other key lawyers:

Athalia Devin

Hanafiah Ponggawa & Partners

Hanafiah Ponggawa & Partners advises both debtors and creditors on financings, refinancings, trade financings and syndicated loans. Andre Rahadian is a key figure and particularly skilled in handling financings related to the aviation and oil and gas sectors. Other recommended team members are Chadri Jurnalis, who focuses on project finance, and Fabiola Hutagalung, a corporate lawyer with additional expertise in banking and finance.

Practice head(s):

Andre Rahadian; Chadri Jurnalis; Fabiola Hutagalung

Key clients

Gawi Makmur Kalimantan

Golar Indonesia

RHB Bank

Bank Mizuho Indonesia

Sarana Multi Infrastruktur

Apple Bank for Savings

Sriwijaya Air

Nordic Aviation Capital

Semuwa Aviasi Mandiri

Work highlights

  • Advising Bank Pembangunan Daerah Jawa Tengah on the financing of PT Bandarudara Internasional Jawa Barat (Perseroda) for the development of Kertajati International Airport.
  • Advised Gawi Makmur Kalimantan on on-shore and off-shore loans from several banks for the operational activities of a large palm oil plantation.
  • Assisted with loan facilities to PT Golar Indonesia, a subsidiary of UK-based Golar Management Ltd.
  • Advised RHB Bank on a facility agreement for financing an acquisition.
  • Advised Bank Mizuho Indonesia on a negotiable certificate of deposit (NCD) issuance.

Roosdiono & Partners

Roosdiono & Partners is very active in cross-border financings, particularly in transactions involving Singapore and Korea. Leoni Silitonga leads the team and advises on project finance, Islamic finance and structured finance transactions.

Practice head(s):

Leoni Silitonga

Key clients

Shinhan Investment Corp

Shinhan Sekuritas Indonesia

Garuda Indonesia

Kookmin Bank

LINE Financial

Export-Import Bank of Malaysia Berhad

UMBRA – Strategic Legal Solutions

UMBRA – Strategic Legal Solutions is skilled in handling syndicated loans, project financing and fintech. Putu Raditya Nugraha leads the team and is an expert in syndicated and bilateral financings. Kirana Sastrawijaya is another key figure and is very active in project finance.

Practice head(s):

Putu Raditya Nugraha 

Other key lawyers:

Kirana Sastrawijaya

Key clients

Telekomunikasi Indonesia International

GCL Indo Tenaga A

Pembangkitan Jawa Bali and Nebras Power

Bank Tabungan Negara Tbk.

Wanatiara Persada

Citra Multi Energi

Jasa Marga Tbk.

Work highlights

  • Represented PT Telekomunikasi Indonesia International in a $90m term loan syndication deal.
  • Advising PT GCL Indo Tenaga on the financing of the Kalbar-1 2 x 100 MW power station project in West Kalimantan for the aggregate amount of $277.5m.
  • Representing PT Bank Tabungan Negara (Persero) Tbk in the negotiation of a $130m syndication facility agreement.
  • Representing PT Wanatiara Persada, an Indonesian project company, in its RMB1,700m and $150m financing from the Export‐Import Bank of China for the development of its nickel ore processing and refining factory.
  • Representing PT Citra Multi Energi as borrower in a $20m bilateral facility.