Editorial: Banking in Singapore
01 October 2007
Singaporean companies remain extremely vigorous investors and the city state’s banking sector is party to some of Asia’s biggest transactions. Singapore’s high level of political stability and economic development mean that its law firms often act as a bridge between East and West, working as a hub for wider Asian business interests, hence the strong presence of joint-venture law firms in the area.
A domestic firm that achieved widespread international recognition, Allen & Gledhill LLP maintains “an extremely healthy market position” in domestic and international banking. The firm is admired for its work in India, Malaysia, Indonesia and South-East Asia. In line with market developments, the firm has a strong real estate, Islamic law and shipping finance capability alongside its traditional work. It recently acted as part of a multinational team advising BNP Paribas on a US$600 million secured term and revolving loan facility to Lenovo Group in the acquisition of the personal computer division of IBM.
The firm’s “very high-profile” managing partner Lucien Wong is said to be “at the top of his game” and has worked on many of Singapore’s largest noted deals as well as forging an international practice of great repute. A board member of the Monetary Authority of Singapore, he is listed in three other chapters: Capital Markets, Corporate Governance, and Mergers and Acquisitions. Eugene Ooi co-heads the banking practice group and is the founder and leader of the firm’s Islamic finance practice group. His peers highlighted his skill in secured and unsecured loans and cross-border lending transactions, as well as his work on trade finance documentation and structuring. He represented ANZ and Citibank as coordinating arrangers for a revolving S$900 million credit facility to the affiliates of a listed Singapore logistics company. Mark Hudspeth completes the firm’s triumvirate in this chapter. Hudspeth’s regional and domestic finance experience includes syndicated loans – acting for lenders and borrowers – structured acquisition financings and debt restructurings. He acted for Standard Chartered Bank in the S$548 million secured acquisition finance for Alkas Realty to purchase Tower One and Tower Two of the DBS Building.
Drew & Napier LLC “is a leading presence” in Singapore’s banking community, with a strong reputation in e-banking and bilateral and syndicated loans as well as trade finance, and property and structured finance transactions. The firm has acted for clients such as United Overseas Bank, Bangkok Bank and the Bank of East Asia. David Ang is the “dedicated” managing director and head of the banking, corporate and real estate department at the firm. He recently worked on the S$650 million transferable loan facility by DBS Bank to Singapore Telecommunications. He is also mentioned in the M&A section of this book. Valerie Kwok is “a safe pair of hands”, with a “sterling reputation” for project loan work for local and offshore banks and facilities as well as for major local borrowing groups. Her presence on cross-border financing deals for SGX-listed companies is also valued.
Specialist corporate firm Stamford Law Corporation was formed in Singapore in 2000. The firm’s banking department offers the full range of services, handling bilateral loans, cross-border financing, and listed and unlisted bonds and notes. Its lawyers recently advised on the Singapore law aspects of a €410 million financing package for a US multinational with operations in Europe and Asia. The firm also worked on the convertible loan facility for the Asia Pacific submarine system C2C. Founder Lee Suet Fern, was described by her competitors as “a strong leader and a well known figure in the Singapore community”. Her recent deals include representing China Aviation Oil Holding Company in the proposed US $550 million restructuring of China Aviation Oil (Singapore) Corporation Ltd and a S$6billion MTN programme for Singapore Power. Lee is another practitioner to be mentioned in four chapters, also appearing in the Capital Markets, Corporate Governance and Mergers & Acquisitions sections.
Wong Partnership offers Singapore and overseas expertise in matters such as loans, finance and regulatory expertise – including advice to foreign banks setting up branches in Singapore. Companies such as Ascott Residence Trust, TECH Semiconductor and Orchard Turn Holdings have sought the firm’s multijurisdictional expertise. Banking and finance co-head Susan Wong “is a financing authority”, and was praised for her “comprehensive approach”. She is currently acting for the financiers in the US$1billion Siltronic/Samsung 300mm silicon wafer fabrication plant project.
Allen & Overy Shook Lin & Bok is at the hub of A&O’s Asian network. In a recent innovation in Islamic finance, the Singapore office advised obligor Maybank and issuer MBB Sukuk in relation to the issuance of a US$300 million subordinated sukuk (an noninterest bearing instrument similar to a bond that complies with Islamic law). This was the first Islamic sukuk issuance to qualify as bank regulatory capital. The “excellent” Kayal Sachi “really knows her stuff ”, especially when it comes to acquisition finance and asset-based transactions. She was lead partner advising the lenders on the US$1billion leveraged buyout of a coal company in Indonesia and acted for Maxis on a multi-tranche financing connected with its initial public offering.
Stephenson Harwood’s Singapore banking practice is well placed to serve the Asian maritime, energy, transportation and oil and gas sectors. The firm’s banking clients have included Fortis Bank, NIB Capital Bank, Citigroup Global Markets and Nordea Bank Norge. Martin Green is the “astute and creative” managing partner of the Singapore office. His practice focuses particularly on the finance of transportation assets, and respondents to our survey highlighted his experience in complex tax-based lease financing in this field. Green also appears in our chapter for shipping lawyers.
Multinational powerhouse Norton Rose LLP has maintained a presence in Singapore since 1982. Gervais Green is another banking practitioner that also features in the shipping chapter and he is renowned for his “solid experience” in the transportation and energy/ offshore sectors. Competitors noted his work on syndicated and structured debt financing, off-balance sheet structures and receivables transactions. Another area of strength is his work in Islamic finance.
Lee & Lee is the final practice to be listed in this chapter. The firm has been on the scene in Singapore since 1955 and has built an “extremely good reputation” since its beginnings as a three-lawyer firm. Its banking department boasts a distinguished client list, which includes Standard Chartered Bank, ICICI Bank and Commonwealth Bank of Australia. The department recently led the US$72 million loan facility for FSW in Indonesia. The “serious, respected” head of the corporate department, Adrian Chan, proved popular with interviewees.