Banking and finance in Thailand

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd's Bangkok office provides Thai and English law advice for national and cross-border banking and finance matters. The team assists its client- base of international corporations, financial institutions and export credit agencies with advice on project and real estate finance as well as restructuring issues. Managing partner Stephen Jaggs co-leads the group with Sarah Wilson. Jaggs is prominent on financing work throughout the region, noted especially for his experience in project and structured finance. Wilson specialises in negotiating PPA's with governments across the APAC region. Counsel Anchalee Limviriyalers is recommended for her banking expertise.

Practice head(s):

Stephen Jaggs; Sarah Wilson

Other key lawyers:

Anchalee Limviriyalers

Testimonials

‘The Team is very knowledgeable particularly regarding market practice and standards in the region. They are our ‘go-to’ trusted advisers.’

‘Anchalee Limviriyalers, Of Counsel, is highly attentive and responsive. She is able to get the deal over the line within tight deadlines.’

‘They provide great and professional legal advices. Their key strengths are their deep legal expertise with highly seasoned lawyers who not only know the legal matters but also understand commercial matters. So they are able to provide appropriate legal advices that fit with the transaction from both legal and commercial aspects. They also have the full-fledged team standing by to handle any aspects of the transaction.’

‘I work with Anchalee Limviriyalers (Counsel) and Peerajit Chanmolee (Sr. Associate). Anchalee is the team leader and is the key contact point. She truly knows the legal matters and are able to negotiate the best terms for the lenders. In event of dispute among lenders and borrowers during negotiation, she can also compromise so every party can reach mutual agreement. Peerajit assists Anchalee. He is very calm and professional in the way he communicates with fast turnaround time. He knows the legal matters really well.’

Key clients

Xekong Thermal Power Plant Company/Phonesack Group Limited

Nam Ngum 3 Power Company/Chaleun Sekong Group Co., Ltd./EGAT International Co., Ltd.

Nam Theun 1 Power Company Limited/Electricity Generating Public Company Limited (EGCO)/EDL Generation Public Company (EDL-Gen)

Bank of Ayudhya Public Company Limited

Bualuang Securities Public Company Limited

United Overseas Bank (Thai) Public Company Limited

Kasikornbank Public Company Limited

Mizuho Bank Ltd. (Bangkok Branch)

Asian Development Bank/Bangkok Bank Public Company Limited/Siam Commercial Bank Public Company Limited/Standard Chartered Bank (Thai) Public Company Limited

Work highlights

  • Advised the lenders, comprising ADB, Bangkok Bank, Siam Commercial Bank, and Standard Chartered Bank (Thai), on the financing of a 50MW utility-scale solar power plant and transmission line in the Thanh Thanh Cong Industrial Zone in southern Vietnam.
  • Continuing to advise Xekong Thermal Power Plant Company and Phonesack Group in connection with the development and financing of the 1,800MW cross-border Xekong coal-fired power plant project in the Lao PDR with offtake by Electricité du Cambodge.
  • Acted as legal counsel to United Overseas Bank and Standard Chartered Bank on a loan extended to HKL (Noble) Wireless Co., Ltd. for the development and construction of a luxury condominium project in central Bangkok.

Baker McKenzie LLP

Baker McKenzie LLP works on the full remit of banking and finance issues in Thailand and across the region. Thinawat Bukhamana has several decades of experience acting on  domestic and international mandates, while Sawanee Sethsathira is active on project finance matters. The structured finance group is led by Komkrit Kietduriyakul, who acts for major financial institutions. Benja Supannakul and Chaveewan Likhitwattanachai are likewise recommended for their focus on private banking and acquisition financing transactions. The firm has a broad sector expertise including work in the telecoms, infrastructure, financial services and retail sectors. Kullarat Phongsathaporn is considered a 'stand-out' lawyer 'whose knowledge, analysis and local connections are all of the highest class'. She heads the fintech practice which has been a growing part of the firm's practice with work on e-payment platforms, cryptocurrencies, crowdfunding for startups and acts for venture capitalists.

Practice head(s):

Thinawat Bukhamana

Testimonials

‘Exceptional quality from the team with various areas of expertise. Commitment to the agreed timeline.’

‘Kullarat P. is very keen and possesses strong knowledge in fintech regulations. She also has a very good understanding and commercial sense which allows her to provide the best advice. She also maintains a very good relationship with the regulators and is very well recognized in the industry.’

‘Working coordinating among senior partners / partners and associates to make the working task efficiently achieve on its objection within a given timeline. The working team also coordinated nicely with outside and complement others to make the job successful.’

‘Hard work and diligence working ethic. Also very commit help client on outside scope of work but in relevant matters to make task more completed.’

‘Baker & McKenzie Thailand have strong expertise on digital payments and long experience of related interaction with Thai authorities. The firm offers insight and a practical, intelligent approach.’

‘A stand out lawyer at Baker & McKenzie Thailand is Kullarat Phongsathaporn whose knowledge, analysis and local connections are all of the highest class and value to my company as a customer.’

‘The fin tech team has a very good knowledge of the new digital assets law and business.’

‘They are great team and everyone is so good. So I have to give credit to head of the team, Komkrit.’

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 Bangkok Bank plc in relation to the acquisition financing of approximately EUR 20.9m from Bangkok Bank, Head office to Thailand-based property firm U City Public Company Limited for the acquisition through its subsidiary in Germany, Vienna House Germany II GmbH, and together with financing provided by Bangkok Bank, London Branch directly to Vienna House Germany II GmbH for the acquisition of operators of 19 hotels in Germany and Switzerland from Arcona Management GmbH for EUR 23,398,712 (approximately THB 811 million).
  • Acted for The Siam Commercial Bank Public Company, Bangkok Bank Public Company Limited and certain banks and financial institutions on the up to Baht 13bn  facility to Digital Telecommunications Infrastructure Fund (formerly known as True Telecommunications Growth Infrastructure Fund) (or DIF) acting through and by SCB Asset Management Company Limited as the management company, to refinance the existing loan of DIF.
  • Advised True Move H Universal Communication Co., Ltd. (formerly Real Future Company Limited), a major mobile service provider in Thailand and a subsidiary of True Corporation Public Company Limited (True), on the bank letter of guarantee for payment of the 2,600 MHz licence fees as required by the National Broadcasting and Telecommunications Commission (NBTC) of Thailand.

Linklaters

Linklaters  advises on matters including corporate, structured and leveraged financing in a diverse range of sectors. The firm's expertise extends to the real estate, telecoms, food, energy and retail sectors. Pichitpon Eammongkolchai leads the team. He has acted on major financing and refinancing transactions in the domestic and international arena. He also has expertise in leveraged and real estate finance matters. Wanwisar Nakarat is a key partner in the practice with experience of cross-border transactions and financing of energy projects. Wilailuk Okanurak is the practice's senior partner with a long established reputation in banking.

Practice head(s):

Pichitpon Eammongkolchai

Testimonials

‘The team is experienced and works well together.’

‘Pichitpon & Soammaras have a good insight into what’s going on in the market.’

 

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

ICICI Bank

Indorama Group

Jardines

KASIKORNBANK Plc

Krung Thai Bank Plc

LIM Advisors

MAXIM’s Caterers Limited

Minor International Plc

RATCH Group Plc

PTT Exploration and Production Plc

Thaicom Plc

Work highlights

  • Advised Charoen Pokphand Group and its subsidiaries and affiliates on the various banking facilities of US$11.7bn for the acquisition of Tesco’s businesses in Thailand and Malaysia.
  • Advised MX Caterers (Asia) Pte. Ltd. on the S$204m loan agreement, Coffee Concepts Thailand Co., Ltd., on the US$115m and THB 7.50bn loan agreement, and Maxim’s Caterers Limited for the subsequent refinancing of THB 11bn loan agreements for the acquisition of Starbucks Thailand.
  • Advised a group of financial institutions led by Bangkok Bank Public Company Limited with the US$1.8bn acquisition financing provided to Indorama Ventures USA Holdings LP, for the acquisition of shares and assets of certain U.S. petrochemical companies from Huntsman International LL.

Weerawong, Chinnavat & Partners

In the banking and finance group at Weerawong, Chinnavat & Partners, founding partner Weerawong Chittmittrapap has of late assisted clients on transactions involving infrastructure and transportation projects. He has over a decade of experience in banking and finance law. Banks and corporations make up the team's client base. Former practice head Passawan Navanithikul and Nattaporn Pengkul have left the firm for SRPP.

Other key lawyers:

Weerawong Chittmittrapap

Key clients

Global Power Synergy Plc the alternative energy flagship company of PTT Group

Wind Energy Holdings Plc

Thai Beverage Plc

dtac/dtac trinet

Jasmine International Plc

United Overseas Bank Limited (UOB), HSCB Mizuho Bank Ltd., Bank of China, Rabobank, Sumitomo Mitsui Bank

The Siam Commercial Bank Plc, major Thai bank CIMB Bank Plc

BTS Group

U City, Vienna House Germany, Amburaya Hotels & Resorts

Work highlights

  • Represented United Overseas Bank Limited in relation to the granting of term loan facilities to TCC Assets Ltd. for the purpose of refinancing of the borrower’s existing facility.
  • Represented Rabobank in the US$ 350m  Facility Agreement with Shiny Treasure Holdings Limited.
  • Represented Mizuho Bank, a major Japanese bank, on the financing of the acquisition of H.C. Starck Tantalum and Niobium GmbH by JX Nippon Mining & Metals Corporation. Advice given on the security agreements that need to be provided by the Thai company.

Chandler MHM Limited

Chandler MHM Limited has a broad reach across Asia  giving the firm great breadth and reach in the advice it can give on a cross-border basis. Local and international lenders are advised in a range of sectors such as energy, financial services and natural resources. Jessada Sawatdipong heads up the team and provides expertise in relation to project finance including energy and infrastructure projects in Thailand and in bordering countries. Joseph Tisuthiwongse is of note, with specialised experience in project and acquisition finance, focusing on the renewable energy sector. Supattra Sathapornnanon is notable for her project finance expertise.

Practice head(s):

Jessada Sawatdipong

Testimonials

‘Friendly and good coordination. Open to our questions and suggestions and find the solution between lender and borrower in a timely way.’

‘Ms. Pranee Klinratana – Very experienced in banking and finance practice. Good suggestions and proficient in drafting and negotiating contract. Timely responses.’

‘The team we have worked with has more experience. When we asked any questions, they can help us clarify the solution.’

‘CMHM is by far the pre-eminent lender side firm in Bangkok. Every major Thai bank uses them as their counsel of choice for difficult mandates, especially project finance where they are also a leader. A stable team (more than 20 years for their main partners) plus excellence in quality (both in Thai and English language) means they really are in a league of their own. As Thai banks have reached out beyond the borders of Thailand into Laos, Myanmar and elsewhere, CMHM has been their counsel of choice on Thai law matters.’

‘Jessada Sawatdipong is widely acknowledged as being the best banking and finance practitioner in Thailand. He is always responsive, concise and is able to command the table in negotiations. Thai banks listen to his sage advice.’

‘Chandler MHM has a very experienced banking and project finance team. They have been in the market for a very long time and have a lot of expertise. I have known lawyers at the firm for many years. They have a stable and reliable team. We have a good working relationship. I can pick up the phone anytime to talk with partners there. The work is consistently of high quality, they know what they are doing. I feel they understand my business and are nice to work with. I have a lot of trust in them.’

‘Supattra Sathapornnanon is a joy to work with. We have a good working relationship. I have found her to be very responsive and caring. I can rely on her advice as she has a lot of expertise. She really understands the market and our business. I find her advice is pragmatic. This saves us a lot of time.’

Key clients

BCPG Indochina Co., Ltd.

Bangkok Bank Public Company Limited (BBL)

BCPG (Lomligor)

Alliance Clean Power Co., Ltd.

The Siam Commercial Bank

Mercuria Investment

National Australia Bank

United Overseas Banking, Singapore

Work highlights

  • Advised BCPG Indochina, a subsidiary of BCPG PLC (one of Asia-Pacific’s leading companies in renewable energy), on the acquisition financing of the Nam San 3A and Nam San 3B hydro power projects in Lao PDR.
  • Advised BBL in connection with the provision of credit facilities to an approximately 15- megawatt Hydroelectric Power Station in the Xaisomboun province, Lao PDR. Advised on other financing and security agreements relating to the financing.
  • Acting as counsel to The Siam Commercial Bank PCL in relation to the project financing of a 6 MW municipal solid waste power project in Krabi Province developed by Alliance Clean Power Co., Ltd. (the borrower), a subsidiary of Absolute Clean Energy Plc.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP acts for local commercial banks, foreign banks and financial institutions on transactions in Thailand as well as Laos and Myanmar. Sector coverage is wide ranging including matters in telecoms, and conventional and renewable energy. Practice head Stephen John Bennett advises private and public sector clients on  acquisition financing and project development matters. Associate Thanyaporn Achariyawong represents developers, energy producers and department store operators.

Practice head(s):

Stephen John Bennett

Other key lawyers:

Thanyaporn Achariyawong

Key clients

Kasikornbank Public Company Limited

G Steel Public Company Limited

Krung Thai Bank Public Company Limited

Work highlights

  • Advised KASIKORNBANK Public Company Limited in the financing of Mr. Pongsak Lothongkam for the acquisition of listed shares in SVI Public Company Limited and the financing of SVI Public Company Limited for funding dividend payments and cash flow requirements.
  • Advised GSTEL in the financing provided by Link Capital I (Mauritius) Limited, an affiliate of SSG Capital Management Limited for the payment of GSTEL’s operating costs and securing GSTEL’s obligation to pay any supplier of raw materials to be delivered by the supplier.
  • Advising Krung Thai Bank Public Company Limited on its financing for True Iconsiam Company Limited for the development of IconSiam and True Icon Hall, with project sponsors comprising Siam Piwat Holding Company Limited, Charoen Pokphand Holding Company Limited and Magnolia Quality Development Corporation Limited.

Norton Rose Fulbright

Norton Rose Fulbright is active in the power, energy, and technology sectors and advises on cross border financial transactions. Tassanai Kiratisountorn leads the team, and advises lenders and borrowers, especially in the energy sector. Senior associate Chormas Premsirinirund is recognised for her work representing lenders in transactions.

Practice head(s):

Tassanai Kiratisountorn

Other key lawyers:

Chormas Premsirinirund

Key clients

Aura Group

Bangkok Bank PCL

Bank of Ayudhya PCL

CIMB Thai Bank PCL

Export-Import Bank of Thailand

KASIKORNBANK PCL

The Siam Commercial Bank PCL

Standard Chartered Bank

Mizuho Bank

Global Climate Partnership Fund

Work highlights

  • Acted for  Bank of Ayudhya Public Company Limited, Kiatnakin Bank Public Company Limited, Krung Thai Bank Public Company Limited, The Siam Commercial and Bank Public Company  in financing the acquisition of shares of Glow Energy Public Company Limited and ENGIE Holding (Thailand) Co., Ltd. (owned by ENGIE Global Developments B.V.) by Global Power Synergy Public Company Limited.
  • Acted for the lender (ACH Holdings), a Cayman SPV controlled and managed by Aura Group, to provide financing for renovation and refurbishment of the hotel assets in Thailand.
  • Acted for Mizuho Bank in providing facilities to the borrower towards funding its general corporate purposes.

DFDL Legal & Tax

DFDL Legal & Tax advises on commercial and institutional lending, acquisition and leveraged finance. The firm  also handles domestic and cross-border financing transactions. Vinay Ahuja and regional senior adviser Kunal Sachdev are co-leaders of the team. Ahuja advises borrowers, private and institutional investors, insurance companies and banks on project finance. Sachdev assists banks and international financial institutions on regulatory issues and the financing of projects. Walanchathas Sanguanwong is noted for her cross-border financing expertise and experience of energy and infrastructure matters.

Practice head(s):

Vinay Ahuja; Kunal Sachdev

Other key lawyers:

Walanchathas Sanguanwong

Key clients

Siam Commercial Bank

Bank of China

Siam Commercial Bank

International Finance Corporation

Bae, Kim & Lee LLC & Korea Development Bank

Bangkok Bank Public Company Limited

Korea Development Bank (Singapore Branch)

Woori Bank

Mastercard

Beehive Asia

Work highlights

  • Advised Siam Commercial Bank on the THB 737 million facility agreement in relation to the project operated by Hongsa Power Company Limited.
  • Advised International Finance Corporation on a comparative study of the laws relating to the creation and enforcement of land security.
  • Advised Bangkok Bank Public Company Limited on a credit facility provided to a Lao PDR hydropower project.

DLA Piper

DLA Piper handles banking and finance mandates for high-profile clients in Thailand and the wider APAC region. Timothy Tan and Waranon Vanichprapa are jointly leading the team. Tan is active on acquisition finance, leveraged buyouts and finance while Vanichprapa, who joined in April 2020 from Baker McKenzie, works on inter-bank lending, export credit financing, projects and debt restructuring.

Practice head(s):

Timothy Tan; Waranon Vanichprapa

Testimonials

‘DLA Piper’s Bangkok-based Banking and finance team, led by Timothy Tan, is a top choice for lender’s counsel. DLA’s international lawyers work seamlessly with their local Thai partners.’

‘Timothy Tan’s star continues to rise as a Southeast Asian finance partner. For a cross-border finance partner in Bangkok, there is no better option. And having worked both with and opposite him on deals elsewhere in SE Asia, including Indonesia, I can confirm his regional expertise as well.

‘Very responsive and good knowledge. As a foreigner, it greatly helps to have pro-active help to intermediate with Thai counter-party.’

‘Dhanipa Hongspanij was helpful and responsive.’

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 JPMorgan, HSBC and MUFG in their role as lenders on the NZ$225 million bilateral loan facilities provided to the New Zealand subsidiary of a large Asian conglomerate.
  • Advised Deutsche Bank in its role as arranger of a structured three-tier credit facility to a large Hong Kong-listed and PRC-based real estate conglomerate with outstanding debt (including public bond issuances) of US$6 billion-plus.
  • Represented an Indonesian listed real estate company. Advised this client as borrower of a US$40 million special situations financing provided by Varde Partners and Indies Capital.

R & T Asia (Thailand) Limited

R & T Asia (Thailand) Limited advise on an array of banking and finance matters including contentious banking issues, project finance and commercial lending. Managing partner Surasak Vajasit heads up the team and works with banks and financial institutions in Thailand.

Practice head(s):

Surasak Vajasit 

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited advises commercial and development banks as well as financial institutions on matters such as asset, aviation, and bond finance, often on a cross-border basis. Suttiphat Khamsirivatchara co-leads the team; he is an expert in bank lending and extensions of credit and advises on project and structured finance. Nithi Soomswasdi advises on financial institutions regulations and is noted for work on domestic and cross-border lending.

Key clients

Krungthai Card PCL

Central Plaza Hotel PCL

Home Product Center PCL

Ayudhya Capital Auto Lease PLC

Fasanara Capital

Ardex GmbH and Ardex Singapore Pte Ltd

Triple i Logistics Public Company Limited

Deutsche Bank AG

Work highlights

  • Representing Krungthai Card PCL (KTC) on a number of placement-offerings of Debentures and equity.
  • Representing Central Plaza Hotel PCL on a number of placement-offering of Debentures and equity.
  • Representing Home Product Center PCL (HomePro) on a number of placement-offering of Debentures and equity.

Tilleke & Gibbins

Tilleke & Gibbins has a client base made up of local and foreign banks, investment firms and financial institutions. The team is known for advising on the various use of financial instruments such as loans and property funds. Kobkit Thienpreecha is one of the co-leads of the practice group and acts for domestic and international clients on a range of banking and finance matters. Santhapat Periera also co-leads the team and moves between the firm's Cambodia, Laos and Vietnam offices. Cynthia M. Pornavalai is also noted for advice to clients regarding the effects of COVID-19 in the banking and finance sector.

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 40 billion COVID-19 personal loan program.
  • Advised Fabrinet on a USD65 million credit facility agreement to terminate and refinance an existing term loan.
  • Advised the operator of a global blockchain payment network on the possibility of launching a payment network supported by a family of stablecoins in Thailand.

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited acts for international banks, private equity firms and multinational corporations. The firm's expertise is in financing energy and transport projects with an added specialism in film finance. Christopher Osborne, who has some two decades of experience in the Thai legal market, heads up the practice. He  advises on renewable energy projects such as wind farms.

Practice head(s):

Christopher Osborne

Key clients

Greenovation Power

Guardforce Thailand

Korat Wind Energy

Mizuho Bank

Weststar Aviation Services Sdn Bhd

Wind Energy Development