Norton Rose (Asia) LLP advises HSBC on its acquisition of Bank Ekonomi of Indonesia
25 May 2009
International legal practice Norton Rose (Asia) LLP has acted for The Hong Kong and Shanghai Banking Corporation Limited, through its wholly-owned subsidiary HSBC Asia Pacific Holdings (UK) Limited, on the successful completion of its acquisition of 88.89 per cent of PT Bank Ekonomi Raharja Tbk (Bank Ekonomi) on Friday 22 May 2009 for a consideration of US$607.5 million.
Bank Ekonomi is one of the largest providers of SME banking services in Indonesia and the acquisition will almost double HSBC’s presence in the country to 207 outlets in 26 cities.
Jake Robson, corporate finance partner commented:
“We are delighted to have assisted HSBC, which is one of the Norton Rose Group’s global key clients, on this important strategic acquisition in Indonesia, which follows on from our role in advising HSBC on its recent successful rights issue.”
The Norton Rose team was led by Singapore-based Jake Robson and Bangkok international managing partner, Phillip John. Ken-Hui Khoo, Carla Macksey, Craig Loveless and Chris Hearne also provided assistance. Additional support was provided by Hong Kong based corporate partner Richard Crosby. Singapore finance partner Nick Merritt lead the banking aspects of the transaction with support from Matt Escritt, Jane Cheong and Lishi Fong.
Hadiputranto, Hadinoto & Partners (HHP), led by Tuti Dewi Hadinoto, was Indonesian counsel to HSBC. HSBC was also advised on the acquisition by the Global Banking and Markets division of the HSBC Group.
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