Firms To Watch: Banking and finance

The banking and finance practice at SRPP is led by one of the founding partners, Passawan Navanithikul, who joined the firm from Weerawong, Chinnavat & Partners in August 2020. The practice advises its roster of clients on a range matters, such as acquisition, project, real estate and asset finance, as well as bank lending and financial restructuring.

Firms in the Spotlight Banking and finance

SRPP (Somboon Rittichai Panuwat Passawan)

SRPP (Somboon Rittichai Panuwat Passawan) logo

SRPP are a market leader in leading-edge financing transactions in Thailand. The team represent a wide variety of clients in Thailand and abroad. SRPP’s capabilities and experiences permit the firm to advise across a broad spectrum of legal systems to local and multinational companies, as well as banks, funds and other financing sources. The firm …

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Banking and finance in Thailand

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd. provides English and Thai law advice on a broad range of domestic and cross-border banking and finance transactional matters, including leveraged and acquisition, real estate and project finance, as well as restructurings. Managing partner and practice co-leader Stephen Jaggs advises banks and borrowers throughout the region and is noted for his expertise in project and structured finance. Practice co-leader Sarah Wilson handles a range of banking and finance matters, with a particular and recent focus on restructurings in the aviation sector. Counsel Anchalee Limviriyalers is also noted for project finance, syndicated loans, capital markets and securitisation transactions.

Practice head(s):

Stephen Jaggs; Sarah Wilson

Other key lawyers:

Anchalee Limviriyalers

Testimonials

‘Expertise on project finance and market knowledge in Thailand. The team takes a commercially sensible approach, are great on management of local law issues and take a positive, fun approach to work and clients.’

Key clients

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Bank of Ayudhya Public Company Limited

Natixis (Singapore Branch)

Credit Guarantee and Investment Facility

International Finance Corporation

Asian Development Bank

German Investment Corporation (DEG)

Nam Ngum 3 Power Company

Chaleun Sekong Group Co., Ltd.

Xekong Thermal Power Plant Company/Phonesack Group Limited

Bangkok Bank Public Company Limited

Siam Commercial Bank Public Company Limited

The Export-Import Bank of Thailand

Work highlights

  • Advised Mizuho Bank, Ltd., MUFG Bank, Ltd. and Bank of Ayudhya Public Company Limited on the inaugural syndicated cross-border and syndicated onshore sustainability-linked loans in Thailand and Japan.
  • Advised International Finance Corporation, Asian Development Bank, and German Investment Corporation (DEG) on a $300m blue loan financing for Indorama Ventures Public Company Limited.
  • Advised Siam Commercial Bank Public Company Limited and the Export-Import Bank of Thailand (the lenders) on a loan provided to Gulf Tay Ninh 1 Joint Stock Company (the borrower) to fund the refinancing of an inter-company loan owed by the borrower to Gulf International Holding Pte. Ltd.

Baker McKenzie LLP

Baker McKenzie LLP represents both borrowers and lenders, including local and international commercial banks, across a range of industry sectors such as energy, telecoms, technology and retail. The team handles the full spectrum of banking and finance matters in Thailand and across the Asia Pacific region. Practice head Thinawat Bukhamana has extensive experience in advising domestic and multinational clients on project finance and debt restructurings, as well as derivatives mandates. Sawanee Sethsathira handles acquisition and project financing matters, while Komkrit Kietduriyakul is noted for his expertise in structured finance. Chaveewan Likhitwattanachai focuses on acquisition, project, real estate and corporate financing, and Benja Supannakul has experience in all areas of financial products. Kullarat Phongsathaporn leads the firm’s growing fintech practice, focusing on related products and e-payments.

Key clients

Bangkok Bank Public Company Limited

The Siam Commercial Bank Public Company Limited

KASIKORNBANK Public Company Limited

Bank of Ayudhya Public Company Limited (affiliate of Mitsubishi UFJ Financial Group)

TMB Bank Public Company Limited

Krung Thai Bank Public Company Limited

EXIM Thailand

Sumitomo Mitsui Banking Corporation

Mizuho Bank Ltd.

Citibank N.A.

Work highlights

  • Advised True Move H Universal Communication Co., Ltd., a subsidiary of True Corporation Public Company Limited and a major mobile service provider in Thailand, in the financing of licence fees for 700 MHz in a form of letters of guarantee as required by the National Broadcasting and Telecommunications Commission (NBTC).
  • Advised Bank of China (Hong Kong) Limited, Bank of China (Thai) Public Company Limited and The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch in a $90m term loan financing transaction to Prinx Chengshan Tire (Thailand) Co., Ltd.
  • Advised Energy Absolute Public Company Limited in relation to its THB 1.5m facility agreement from ADB.

Linklaters

Linklaters advises Thai and international corporations as well as local and offshore financial institutions on a range of banking matters; it is also noted for its expertise in the energy, telecoms, food and retail sectors. Within the team, ‘Star’ practice leader Pichitpon Eammongkolchai advises domestic and international clients on leveraged, real estate and acquisition finance, and refinancing transactions; Wanwisar Nakarat is noted for her expertise in project financing; and Wilailuk Okanurak has over 30 years’ experience in handling cross-border banking transactions.

Practice head(s):

Pichitpon Eammongkolchai

Testimonials

‘Strong team across all levels with deep experience and commercial approach.’

‘Pichitpon Eammongkolchai is a star, who is able to find solutions and get a deal done.’

Key clients

Bangkok Bank Plc.

Bain Capital Asia, LLC

Bank of America Merrill Lynch

Bank of Tokyo – Mitsubishi UFJ

Bank of Ayudhya Plc.

Charoen Pokphand Group

Charoen Pokphand Foods Plc.

CIMB Thai Bank Plc.

Credit Suisse

Deutsche Bank

Hongkong Land

ICICI Bank

Indorama Group

Jardines

KASIKORNBANK Plc.

Krungthai Bank Plc.

Minor International Plc.

RATCH Group Plc.

PTT Exploration and Production

IRPC Plc.

Mizuho Bank Limited

Thaicom Plc.

The Siam Commercial Bank Plc.

Standard Chartered Bank

Sumitomo Mitsui Banking Corporation

The Hongkong and Shanghai Banking Corporation

TMB Bank Plc.

True Corporation Plc.

United Overseas Bank

Work highlights

  • Advised Charoen Pokphand Group, its subsidiaries and affiliates on the various banking facilities of $11.7bn for the acquisition of Tesco’s businesses in Thailand and Malaysia.
  • Advised Kasikornbank Public Company Limited (KBANK) and Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBC), as lenders in the negotiation of the First Amendment and Restatement Agreement of the THB 3.37bn 2019 Facility Agreement between T.C.K. Plastic Co., Ltd., Superpack Plastic Co., Ltd., KBANK and ICBC, and the waiver request letters in relation to the Finance Documents.
  • Advised Bank of Ayudhya Public Company Limited, Bangkok Bank Public Company Limited, Kasikornbank Public Company Limited, Mizuho Bank, Ltd. and Krungthai Bank Public Company Limited on the refinancing of the existing loan facility of approximately THB 21bn provided to Boon Rawd Trading Co., Ltd., Singha Corporation Co., Ltd. and Singha International Headquarter Company Limited.

Chandler MHM Limited

Chandler MHM Limited‘s team of ‘effective negotiators’ is particularly experienced in acting for lenders on a range of cross-border financing matters, including energy, power, infrastructure and real estate projects. Practice co-leader Jessada Sawatdipong is noted for his expertise in project financing, with a focus on energy and natural resources mandates in the region. Practice co-leader Joseph Tisuthiwongse handles cross-border project and acquisition finance matters, particularly in the renewable energy sector. Supattra Sathapornnanon is praised as ‘one of the best in the market, particularly for project and cross-border financings’, and Pranee Klinratana takes a ‘methodical and diligent’ approach when handling project financing transactions.

Testimonials

‘The firm has provided us with a consistently impressive service. Their business-orientated approach and understanding of the issues makes them effective negotiators. Overall, we have had a consistently positive experience using this firm in terms of responsiveness and client service.’

‘Chandler MHM provides practical advice and support for the completion of transactions.’

‘Pranee Klinratana has been working with us for a long time on many financial transactions. She understands our structure and requests very well.’

‘Supattra Sathapornnanon is very knowledgeable and experienced, one of the best in the market, particularly for project and cross-border financings. She is pragmatic and collaborative in her approach which makes negotiations easier and easy to work with. She is able to support us in the most complex transactions, yet is able to explain things in a easy to understand way.’

‘The Chandler team is very strong in banking and finance. They have extensive experience in this field and also help us in difficult deals.’

‘Pranee Klinratana is noted for her strong client skills and is a nice person to work with. Very service minded. Her approach is methodical and diligent. She can be relied upon to support us in brining projects to a close.’

‘The team has excellent service with a high level of commercial awareness and very responsive. This is one of the most experienced diverse teams in the market, we have worked with them for many years. Their commitment and ability to solve problems helps us to get the deals done.’

Key clients

Bangkok Bank Public Company Limited

BCPG PLC

China Development Bank, Guangdong branch

Export-Import Bank of Thailand

B.Grimm Power Public Company Limited

Krungthai Bank PCL

Sumitomo Mitsui Banking Corporation, Bangkok Branch

The Joint Stock Commercial Bank for Investment and Development of Vietnam

The Siam Commercial Bank Public Company Limited

United Overseas Bank Singapore

Bangkok Bank Public Company Limited

Work highlights

  • Advised Asian Development Bank (ADB), Kasikornbank and Bangkok Bank on the financing for the development and operation of a 257 megawatt (MW) solar power plant in Vietnam.
  • Acted as Thai lenders’ counsel, assisting Bangkok Bank Public Company Limited and China Development Bank, Guangdong branch, with the financing of a 343km fuel oil pipeline covering five provinces from Saraburi Province to Khon Khaen Province and associated storage facilities in Khon Kaen Province.
  • Advising B.Grimm, the sponsor, on the non-recourse financing for the development of seven small gas-fired power plants, which will have a combined capacity of 980 megawatts (MW), with an approximate total value of ฿40bn.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP is noted for handling banking and finance matters in the telecoms and renewable energy sectors, and acts for commercial and foreign banks on financing transactions. Practice head Stephen John Bennett focuses on acquisition financing and project development mandates. Other key contacts include Maythawee Sarathai, who joined from Mayer Brown in January 2021, and associate Thanyaporn Achariyawong, who advises commercial banks on financing projects.

Other key lawyers:

Thanyaporn Achariyawong

Work highlights

  • Advising KBANK, BBL and ICBC as the lenders’ legal counsel on the amendment to the terms and conditions of THB 1.9bn syndicated financing for Kulthorn Kirby Public Company Limited and its affiliates.
  • Advising Mizuho and BBL in the amendment to the terms and conditions of the THB 3.96m facility agreement entered into Kobelco Millcon Steel Company Limited.
  • Advising TMB and KBANK as the lenders’ legal counsel in the THB 347m and THB 610m syndicated financing for AVA Grand Energy Company Limited and Recovery House Company Limited.

Norton Rose Fulbright

Praised for its ‘strong expertise in project finance transactions’, Norton Rose Fulbright also handles acquisition and corporate finance matters and is particularly active in the energy, power and technology industries. The practice is led by Tassanai Kiratisountorn, who advises lenders and borrowers on cross-border transactions, with particular expertise in the energy sector. Senior associate Chormas Premsirinirund is another key name to note.

Practice head(s):

Tassanai Kiratisountorn

Other key lawyers:

Chormas Premsirinirund

Testimonials

‘Norton Rose team has strong expertise in project finance transactions. The team helps provide thorough and careful legal considerations. What makes Norton Rose stands out from other legal firm is the team’s flexible legal service scope and a brilliant service mind to achieve the required result for the client, even if that is an out-of-scope matter.’

‘The team has good experiences in providing legal services. Apart from typical legal advice, the firm could assist the lenders to determine the structure which makes the transaction possible and successful.’

Key clients

Bangkok Bank Public Company Limited

Bank of Ayudhya Pcl.

Coöperatieve Rabobank U.A., Singapore Branch

KASIKORNBANK Public Company Limited

Standard Chartered Bank (Thai) Public Company Limited

Sumitomo Mitsui Banking Corporation, Bangkok Branch

Prinx Chengshan Tire (Thailand) Company Limited

The Hongkong and Shanghai Banking Corporation Limited, Bangkok Brach

United Overseas Bank (Thai) PCL

TMB Bank Public Company Limited

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners acts for local commercial banks and international banks on matters including acquisition financing, and energy and infrastructure project financing. Weerawong Chittmittrapap, who handles the financing aspects of infrastructure projects, jointly leads the practice with Sunyaluck Chaikajornwat and Jirapat Thammavaranucupt following the departures of former practice head Passawan Navanithikul and Nattaporn Pengkul to SRPP. Chaikajornwat counts major corporations, banks, real estate and investment companies as his clients which he advises on financing matters, while Thammavaranucupt focuses on the financial aspects of infrastructure and public private partnership projects.

Key clients

Rabobank (Singapore)

ADK Marketing Solutions INC

Sumitomo Mitsui Banking Corporation

United Overseas Bank Limited (Singapore)

Global Power Synergy Public Company Limited

Thai Beverage Public Company Limited

Northern Bangkok Monorail Company Limited

Eastern Bangkok Monorail Company Limited

Bangkok Bank Public Company Limited

U-Tapao International Aviation Company Limited

Bank of America

Handelsbanken

DFDL Legal & Tax

DFDL Legal & Tax advises on a range of banking and finance matters across various industries, including financial institutions, energy and infrastructure, private equity and financial technology. Practice co-leader Vinay Ahuja stands out’ in this space, handling domestic and cross-border finance transactions, from commercial and institutional lending to acquisition and leveraged finance. Nipaporn Supha-Utchaichan jointly leads the practice following Kunal Sachdev’s departure in July 2020. Walanchathas Sanguanwong is noted for her expertise in cross-border financing mandates and advises lenders on energy and infrastructure projects.

Testimonials

‘Their understanding of clients’ needs and legal and commercial nuances of the deal is really remarkable and stands out.’

‘Vinay Ahuja is certainly a person who stands out due to his personal touch and deep understanding of the commercial aspects, in additional to the legal complexities. A great lawyer to have on your side.’

Kraisorn Rueangkul and his team are very experienced and knowledgeable.They are very responsive, provide clear and concise advice and are always willing to accommodate our client’s questions. ‘

DFDL team are very prompt and efficient.’

Key clients

B.Grimm Power Public Company Limited

B.Grimm Solar Power, Inc

A Consortium of Thai lenders

Zipmex Asia Pte. Ltd.

Funding Societies Pte. Ltd.

Validus Investment Holdings Pte. Ltd.

Korea Development Bank (Singapore Branch)

3i Infotech Limited

Work highlights

  • Acting as the borrower’s counsel to B.Grimm Power Public Company Limited, on negotiating and drafting financial documents and closing assistance to achieve financial close.
  • Acting for B.Grimm Power Public Company Limited (sponsor) and B.Grimm Solar Power, Inc (project company) on a multi-sites solar rooftop project in the Philippines, totalling of 12MW for a large scale food manufacturer.
  • Assisting a consortium of Thai lenders (Krung Thai Bank as Intercreditor Agent) with the amendments of terms of the facilities granted to Xayaburi Power Company for the development and operations of the 1,285 MW Xayaburi hydropower project in the Lao PDR.

DLA Piper

DLA Piper advises Thai and international banks, as well as other financial institutions and multinational corporations, on a range of matters including acquisition finance, corporate lending, debt restructuring, and project and real estate finance. Co–country managing partner Waranon Vanichprapa, who handles financing and restructuring transactions, regulatory matters and bankruptcy issues, jointly leads the practice with Timothy Tan who focuses on debt finance and debt restructuring transactions.

Testimonials

‘DLA Piper is a truly global firm that brings a high standard of service to every market, including Thailand. For cross-border deals in particular, DLA Piper is a one-stop shop.’

‘Timothy Tan in DLA Piper’s Bangkok office is a stand-out finance partner. He works tirelessly and has an awesome client service attitude. Despite advancing out of the junior partner band becoming more senior, he continues to get into the weeds of deals. He is a pleasure to work with or opposite on a deal.’

‘Timothy Tan is knowledgeable, practical and really at the top of his game.’

The team is very commercially driven and flexible with fees.’

Key clients

CIMB Bank (Thai) Public Company Limited

Bank of China

China Minsheng Bank

Sumitomo Mitsui Banking Corporation (Bangkok Branch)

TISCO Bank Public Company Limited

Deutsche Bank

Rabobank N.V.

Bangkok Bank Public Company Limited

Siam Commercial Bank Public Company Limited

Bank of Ayudhya Public Company Limited

KASIKORNBANK Public Company Limited

Kiatnakin Phatra Bank Public Company Limited

PT MNC Investama Tbk

QuEST Global Services PTE LTD

Global Power Synergy Public Company Limited

Work highlights

  • Advised TISCO on its first REIT IPO financing for Prospect Logistics and Industrial Leasehold REIT.
  • Advised Kiatnakin Phatra Bank as lender, security agent and facility agent on its first acquisition financing loan of THB 2.95bn secured term and revolving facilities.
  • Advised PE Fund Capital Square Partners on a high-profile LBO, for its acquisition of CSS Corp.

R & T Asia (Thailand) Limited

R & T Asia (Thailand) Limited's ‘responsive and helpful’ practice advises on loan facilities, securities agreements and commercial lending transactions. Managing partner Surasak Vajasit's client roster includes banks, other financial institutions and publicly traded companies. Piroon Saengpakdee focuses on project development and finance, while Pakpoom Suntornvipat advises clients as borrowers on facility agreements.

Practice head(s):

Surasak Vajasit

Testimonials

‘The team is responsive and helpful.’

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited acts for commercial banks, public sector entities and other financial institutions on asset, real estate and project financing transactions. Practice co-leader Suttiphat Khamsirivatchara has experience in bank lending transactions, particularly structured finance, while practice co-leader Nithi Soomswasdi advises on financial institutions regulations, as well as handling banking, domestic and cross-border lending and project finance matters. Torsakul Cunvong assists insurers and commercial banks with drafting and negotiating bancassurance agreements.

Key clients

Krungthai Card PCL

Home Product Center PCL

Frasers Property (Thailand) Public Company Limited

PTG Energy Public Company Limited

Prime Road Power Public Company Limited

Work highlights

  • Advising KTC with respect to placement-offering of long-term debentures and equity under Medium Term Note Program.  
  • Advised HomePro with respect to placement-offering of long-term debentures and equity.
  • Assisted Deutsche Bank AG, Hong Kong Branch with the credit facilities amount of $9m granted by the client and other financial institutions.

Tilleke & Gibbins

Tilleke & Gibbins advises local and foreign banks, investment firms and financial institutions on a range of banking and finance matters including asset finance, corporate lending and loan projects. Santhapat Periera, who assists Thai Banks in the regional expansion into jurisdictions including Cambodia, Laos and Vietnam, jointly heads up the practice with Kobkit Thienpreecha and Cynthia M. Pornavalai who is noted for handling property and real estate financing transactions.

Key clients

Brown Brothers Harriman

Canadian Imperial Bank of Commerce

China Development Bank

Fabrient

Grab

Goldman Sachs

KBZ Group

Sumitomo Mitsui Banking Corporation

Terraform Labs

Visa International

Work highlights

  • Advised a state-owned Thai banking institution on its THB 40bn COVID-related personal loan program.
  • Advised a Hong Kong-based banking and financial services company on matters related to the provision of a HKD 1.5bn facility agreement for a real estate project in Bangkok.
  • Advised an international bank on amendments and waivers made to a senior facilities agreement and security documents for a £25m loan.

Watson Farley & Williams (Thailand) Limited

The corporate and finance group at Watson Farley & Williams (Thailand) Limited has particular expertise in energy and transport financing matters, and acts for private equity firms, international banks and multinational corporations. The team is led by Christopher Osborne, who advises on project financing mandates, with a focus in the renewable energy sector. Senior associate Nicharee Pudphetkaew is also noted.

Practice head(s):

Christopher Osborne

Other key lawyers:

Nicharee Pudphetkaew

Testimonials

‘The team was professional. They can easily understand the way you think and contact you with comfort.’

Key clients

General Rubber (Thailand) Co., Ltd.

DIP Lenders – Valaris