Banking and finance in Thailand

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd's banking and finance practice advises a broad range of clients including financial institutions, export credit agencies, funds and local and international corporations. Headed by Stephen Jaggs, who has acted for banks and borrowers in relation to bilateral and syndicated financing, the team handles transactional banking and trade and export work. Jaggs advises Phonesack Group, Electricity Generating and EDL Generation on all aspects of the development and financing of the 650MW Nam Theun 1 hydropower project in Laos. Newly made partner Sarah Wilson is a key member of the team, specialising in project finance in the power and infrastructure sectors. Counsel Anchalee Limviriyalers has expertise advising on infrastructure and property funds.

Practice head(s):

Stephen Jaggs

Key clients

Total Gas & Power Ltd.

Mizuho Bank, Ltd.

Siemens AG

Phonesack Group Limited

Electricity Generating Public Company Limited (EGCO)

EDL Generation Public Company

Asian Development Company

International Finance Corporation

Work highlights

  • Advising Total and Siemens on a 1,230MW LNG to power project in Myanmar with estimated project costs of $2bn.
  • Acted for Mizuho Bank and MUFG Bank on equity bridge loans provided to PT Jawa Satu Regas and PT Jawa Satu Power in connection with the financing of the 1,760MW Jawa-1 gas fired power station and FSRU in Indonesia.
  • Advising  the sponsors, Phonesack Group, Electricity Generating Public Company  (EGCO) and EDL Generation Public Company (EDL-Gen), on all aspects of the development and financing of the 650MW Nam Theun 1 cross border hydropower project in Laos  with project costs of $1.3bn.
  • Advised the International Finance Corporation and Asian Development Bank as lenders on their external secured debt and equity investment into the Yoma Central project with project costs of $700m.
  • Acted for the Bank of Ayudhya   and United Overseas Bank on the financing of two condominium projects developed by SENA HPP 11 Co.

Baker McKenzie

Baker McKenzie's banking and finance team handles a wide variety of lending work, including project finance, and is also experienced in private banking, bank regulation, and fintech. Thinawat Bukhamana heads up the team, and has recently focused on acquisition finance in relation to publicly listed companies, representing both the banks and the buyers. Chaveewan  Likhitwattanachai led several of the team's standout transactions, having recently acted for KASIKORNBANK in the provision of financing for the construction and development of the Samyan Mitrtown misex use project. Sawanee Sethsathira heads the project finance group and has been involved in PPP projects including the sky train and the underground mass transit. Komkrit Kietduriyakul leads the office's structured finance group and is routinely involved in complex debt offerings and derivatives transactions. Waranon Vanichprapa displays a specialism in export credit financing, bank lending and cross border financing. Somika Phagapasvivat is another notable name, working on financing for infrastructure funds and more recently delving into the area of fintech. Kullarat Phongsathaporn is another name to note in the fintech space, where she has particular experience of e-payment matters.

Practice head(s):

Kitipong Urapeepatanapong; Thinawat Bukhamana; Sawanee Sethsathira; Komkrit Kietduriyakul

Other key lawyers:

Chaveewan Likhitwattanachai; Waranon Vanichprapa

Testimonials

‘The team has real passion to understand what clients really need, and  the ability to understand the practice and nature of the industry.’

‘Associate Papon Charoenpao and partner Somika Phagapasvivat have been very active in assisting clients in all  matters.’

‘Easy to work with, very professional and clear communicators.’

‘The team is resourceful and understands client’s needs.’

‘They are knowledgeable and give practical solutions.’

Key clients

The Siam Commercial Bank

KASIKORNBANK

Work highlights

  • We acted for KASIKORNBANK Public Company Limited in the $197m financing for the construction and the development of mixed-use project, Samyan Mitrtown.
  • Acting for Navis Capital Partners through its subsidiary incorporated under the laws of Thailand in obtaining the financing from Standard Chartered Bank and Kiatnakin Bank in relation to its acquisition of the DZ Card Group with its its subsidiaries in various countries.
  • Representing Export-Import Bank of Thailand in the financing transaction with Myanmar Sutech, a joint venture between Sutech Engineering of Thailand and Burma’s Ministry of Agriculture to open a sugar mill.
  • Advising TISCO as financial adviser on facility to be provided by Bangkok Bank (BBL), Mizuho Bank Ltd., Krung Thai Bank (KTB), Sumitomo Mitsui Banking Corporation (SMBC) and Government Saving Bank (GSB) as lenders in relation to a facility financing to PTT Oil and Retail Business (PTTOR) as borrower.
  • Represent a cooperative of 18 banks as part of the Thailand Blockchain Initiative.

Linklaters

Linklaters' practice covers the spectrum of banking and finance work, with sector expertise in energy, real estate, telecoms and retail. The team is led by Pichitpon Eammongkolchai, who has particular expertise in leveraged finance and refinancing transactions. He was lead partner advising KASIKORNBANK and International Commercial Bank of China on the provision of a $110m credit facility to a group of companies of TOA Paint. Further, Wanwisar Nakarat acted for PT Medco Power Indonesia and RATCH Group as sponsors in the project financing of a 275MW gas fired power plant project in Riau province, Indonesia. Senior partner Wilailuk Okanurak has decades of experience in the banking and finance space, where she has advised sponsors and lenders.

Practice head(s):

Pichitpon Eammongkolchai

Other key lawyers:

Wanwisar Nakarat; Wilailuk Okanurak

Key clients

Bangkok Bank

Bank of America Merrill Lynch

Deutsche Bank

United Overseas Bank

PTT Exploration and Production

Credit Suisse

The Siam Commercial Bank

Work highlights

  • Acting for PTTEP Tresuary Center as a borrower in connection with the syndicated financing of the long term loan facilities of $800m provided by various lenders.
  • Advised Krung Thai Bank and Land and Houses Bank on the $200m financing for LABIX to refinance its existing term loan and to finance its general working capital requirements.
  • Advised Bangkok Bank on the $250m bilateral credit facilities to Khmer Beverages to refinance the existing facilities and finance its capital expenditure for its manufacturing and distribution of beverage business.
  • Advised The Siam Commercial Bank in connection with the financing of a $600m long term loan to Long Son Petrochemicals Company to support its petrochemical project in Vietnam.
  • Advised Credit Suisse AG as lender and other roles of the finance parties in connection with the acquisition financing of Thai Non-Performing loans portfolios.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners' banking and finance team acts for domestic and international borrowers and banks on acquisition finance and project finance transactions. Passawan Navanithikul has experience of syndicated financing deals and recently acted for Kasemsubsiri Co on the $123m financing for PARQ mixed use real estate project. Also of note, Nattaporn Pengkul took a lead role in the major $4.5bn Global Power Synergy financing for the acquisition of shares in Glow Energy. Senior counsel James Lawden, who has stood out in major financing transactions, is also recommended.

Practice head(s):

Passawan Navanithikul; Nattaporn Pengkul

Other key lawyers:

James Lawden

Key clients

Global Power Synergy

Wind Energy Holdings

Thai Beverage

Ananda Development

HSBC

The Siam Commercial Bank

Oaktree Capital

Work highlights

  • Represented Global Power Synergy in the $4.48bn financing transactions for the acquisition of shares in Glow Energy.
  • Represented Kasemsubbhakdi Co for a syndicated loan financing including handling the negotiation process with the lenders for the development of the mixed use project, SAMYAN MITRTOWN in Bangkok.
  • Represented Ananda Development for the financing transactions in relation to its and its affiliates construction and development of condominiums in Bangkok.
  • Represented Mizuho Bank in the $190m credit facility granted to Map Ta Phut Olefins Co for the financing in connection with the integrated petrochemicals complex and ancillary facilities in Map Ta Phut, Rayong province, Thailand.
  • Acted as counsel for the lenders, Bank of Ayudhya and Sumitomo Mitsui Banking, in relation to the financing of the Airbus A350 aircraft which is on lease to Thai Airways.

Chandler MHM Limited

Chandler MHM Limited's practice has a record of acting for local and international lenders, sponsors and borrowers. In particular, the team is among the most experienced in the market when it comes to assisting Japanese clients. Jessada Sawatdipong heads the practice group and has particular expertise in project finance. In addition, Sawatdipong acted for Mizuho Bank and Standard Chartered Bank as lenders in the cross-border financing for the acquisition of shares in Saigon Beer, Alcohol and Beverage Corporation in Vietnam. Supattra Sathapornnanon is a notable member of the team with an expertise in multi-party, cross-border transactions. Joseph Tisuthiwongse, a recent addition to the team, acted for a series of lenders on the project financing for the development of the Nam Theun 1 hydroelectric power plant in Laos.

Practice head(s):

Jessada Sawatdipong

Key clients

KASIKORNBANK

CIMB

Japan Bank of International Corporation

Asian Development Bank

The Hongkong and Shanghai Banking Corporation

Korea Development Bank

TISCO Bank

BNP Paribas

Work highlights

  • Acting as counsel for Bangkok Bank in connection with providing credit facilities relating to a 15MW hydroelectric power station in Laos owned and operated by NamChe 1 Hydropwer company.
  • Acting as counsel to the lender advising on the $65m financing and credit facilities agreements, the account structures and security packages for a solar project in Vietnam.
  • Advising Import-Export Bank of Thailand as a lender on a project financing of a solar power project to a Vietnamese borrower.
  • Advising the lenders, Bangkok Bank and KASIKORNBANK, on the $69m refinancing of solar power plant sin Saraburi and Nakhon Pathom provinces in Thailand.
  • Acted as PTT Oil and Retail Business’s counsel on the $1.1bn financing of a spin off oil and retail business.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP's banking and finance group has represented financial institutions, multinational corporations, governments, foreign banks and investors in Thailand and regionally. A key figure in the team is Stephen John Bennett, who focuses is acquisition finance and project development in several key sectors such as energy and telecoms. Also recommended is Manida Zinmerman, who is known for her work in bank lending and corporate finance, where she represents major commercial banks in Thailand. Associate Thanyaporn Achariyawong is a standout name on the junior side of the pratice.

Practice head(s):

Stephen John Bennett; Manida Zinmerman

Other key lawyers:

Thanyaporn Achariyawong

Key clients

JP Morgan Securities

G Steel

Krung Thai Bank

KASIKORNBANK

SSG Capital Management

TMB Bank

KASIKORNBANK

State Bank of India, Yangon Branch

Work highlights

  • Represented G Steel in the bilateral $70m financing of GSTEL by Link Capital I for the payment of GSTEL’s operating costs and securing its obligation to pay any supplier of raw materials to be delivered by the supplier.
  • Represented Krung Thai Bank as the lender’s counsel in the $50m bilateral financing for the development of True Icon Hall which, once done, will be a major venue for international conferences.
  • Representing KASIKORNBANK as the legal counsel in a $45m bilateral financing for the development of a biomass power plant.
  • Represented TMB Bank and KBANK as the lenders legal counsel in the syndicated financing for the development of the 4 Megawatt waste to energy power plant project.
  • Representing the State Bank of India as the lender’s legal counsel in respect of a corporate guarantee by Chaze Industrial Co.

Norton Rose Fulbright

Norton Rose Fulbright's core banking and finance strengths lie in the infrastructure and renewable energy sectors. The firm is capable of advising on project, acquisition and corporate finance, acting throughout Thailand and the wider Asia-Pacific region. The practice is led by Tassanai Kiratisountorn, who has experience acting for borrowers and lenders on a variety of projects. Senior associate Chormas  Premsirinirund is also recommended. Somboon Kitiyansub left to establish his own firm in 2019.

Practice head(s):

Tassanai Kiratisountorn

Other key lawyers:

Chormas Premsirinirund

Key clients

ANZ Bank

Bangkok Bank

Bank of Ayudhya

CIMB Thai Bank

Export-Import Bank of Thailand

KASIKORNBANK

The Siam Commercial Bank

Standard Chartered Bank

Bank of China

Work highlights

  • Represented lenders, Bank of Ayudhya, Kiatnakin Bank, Krung Thai Bank and the Siam Commercial Bank in financing the $3bn acquisition of shares of Glow Energy and ENGIE Holding Co.
  • Acting for Aura Group to provide renovation and refurbishment of hotel assets in Thailand worth $80m.
  • Acted for Mizuho Bank in providing facility to the borrower towards funding its general corporate purposes.
  • Advising Bangkok Bank and Export-Import Bank of Thailand on the $95m financing of construction of a manufacturing facility in Banten, Indonesia.
  • Advising several banks including KASIKORNBANK and Bangkok Bank on financing of development of a mixed use real estate project by Kasem Subsiri.

DFDL Legal & Tax

DFDL Legal & Tax covers the full range of banking and finance services and has a record of acting for both domestic and international banks. In addition, the team has experience of the development of banking products and payment services. Vinay Ahuja is the head of the regional banking, finance and technology practice, and is a key figure for blockchain and crypto-currency mandates. Walter Heiser is a project finance specialist with a particular involvement in the power and energy sectors, and Rashane Leerabandhu is another recommended contact. Associate Walanchathas Sanguanwong has been signled out as an up-and-comer in the team.

Practice head(s):

Vinay Ahuja; Walter Heiser; Rashane Leerabandhu; Kraisorn Rueangkul

Other key lawyers:

Walanchathas Sanguanwong

Key clients

Credit Suisse

Citibank

Revolut

Mastercard

Beehive Asia

Norfund

Work highlights

  • Acted as counsel to Credit Suisse in relation to a $100m loan to the Bank of Lao.
  • Advised Citibank on a regulatory survey for offshore products and financial services in relation to Cambodia, Laos and Vietnam.
  • Advised Revolut, a UK financial services company which offers banking services including currency exchange and crypto-currency, on its expansion into Thailand.
  • Advised MasterCard on the impact of new laws and regulations recently introduced in Laos governing the supervision of financial institutions.
  • Acting for Beehive Asia in its partnership Thanachart Bank to launch a new value chain financing program in Asia focused on small and medium businesses.

DLA Piper

DLA Piper (Thailand) Limited has strengths across the Asia-Pacific region, where it acts for borrowers, lenders and alternative capital providers. Practice head Timothy Tan focuses on the range of banking and finance services, and recently advised Deutsche Bank on a $115m notes offering by Paladin Energy Group; this multi-jurisdictional matter brought in lawyers from the Bangkok and Singapore offices.

Practice head(s):

Timothy Tan

Key clients

Deutsche Bank

DBS Bank

Pierfront Capital Fund Management

Coöperatieve Rabobank

Capital Square Partners

PT MNC Investama group

QuEST Global

Barito Pacific

Indonesia Power

Work highlights

  • Advised Deutsche Bank as an anchor investor in the $115m new notes offering by Paladin Energy.
  • Representing Barito Pacific and Indonesia Power in relation to the development and financing of the $3.3bn Jawa 6 coal-fired power station in Indonesia.
  • Represented an Indonesian listed company on its Reg S $40m floating rate note issuance.

R & T Asia (Thailand) Limited

R & T Asia (Thailand) Limited is routinely involved in complex cross-border financing transactions, particularly in the context of major project developments. Names to note in the practice group include Surasak Vajasit, who has a strong track record in project financing and cross-border financing disputes, and Piroon Saengpakdee, who is also rated for his expertise in project finance and development.

Practice head(s):

Surasak Vajasit; Piroon Saengpakdee

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited advises public sector borrowers and a variety of financial institutions including commercial and investment banks works on a range of transactional and regulatory banking and finance matters. The practice group is jointly led by Suttiphat  Khamsirivatchara, who has expertise in bank lending and structured finance, and Nithi Soomswasdi, who is a name to note for debt restructuring and project finance. The firm also fields an experienced litigation team that acts in banking disputes. Torsakul Cunvong is also recommended.

Practice head(s):

Suttiphat Khamsirivatchara; Nithi Soomswasdi

Other key lawyers:

Torsakul Cunvong

Work highlights

  • Assisted MUFG Bank on the formality and enforcement of security arrangements in Thailand and preparing the Thai security document.
  • Assisted Krungthai Card in providing legal advice in connection with a bond offering.
  • Acted for Sumitomo Mitsui Trust Bank and lenders under the loan agreement granted by Sumitomo Mitsui Trust Bank and other financial institutions in relation to the enforcement of security agreements in Thailand.

Tilleke & Gibbins

Tilleke & Gibbins' banking and finance practice has long-standing relationships with domestic and international financial institutions and investors, which it provides with a litany of regulatory advice, including being involved in the development fintech products. Key figures in the practice group include Santhapat Periera, who specialises in structured loan and other bank lending transactions, and Cynthia M. Pornavalai, who is instructed by investors and conventional lenders. Corporate and commercial partner Kobkit Thienpreecha is also active in the banking space.

Practice head(s):

Santhapat Periera; Cynthia M. Pornavalai; Kobkit Thienpreecha

Key clients

Brown Brothers Harriman

China Development Bank

Grab

CTBC Bank

First State Investments

Goldman Sachs

LINE Pay Corporation

Sumitomo Mitsui Banking Corporation

Visa International

Work highlights

  • Advised American General Life Insurance and other lenders in connection with a $40m loan.
  • Representing Crown Equipment in procuring $7m in financing for its equipment sale and leasing business from ANZ Bank.
  • Providing Merian Global Investors with regulatory advice with $44.8bn assets under management.
  • Advising Accenture on data privacy in the banking sector.
  • Advising Grab on providing loans to its drivers.

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited has a client base made up of multinational corporates, private equity firms and banks. The team has historically been most active in project and asset finance, particularly in the aviation and shipping sectors, though it has recently developed niche expertise in film finance. Indeed, practice head Christopher Osborne recently advised De Warrenne Pictures on the film finance for The Cave, the first feature film based on the highly publicised story of the junior football team trapped in the Tham Luang Nang Non cave.

Practice head(s):

Christopher Osborne

Key clients

De Warrenne Pictures Co Ltd

DVB Bank

Work highlights

  • Advising De Warrenne Pictures Co on film finance arrangements for The Cave a film on a real life incident.
  • Advising DVB Bank SE on the $32m refinancing of a Thai registered vessel.