NAME: Bank SinoPac’s $550 million acquisition of Amret
LAW FIRM: DFDL, HBS Law, Baker McKenzie, Clifford Chance
JURISDICTION: Cambodia, Taiwan
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Banking and financial services
Bank SinoPac’s $550 million acquisition of Amret is our deal of the month for January.
Taiwan-based Bank SinoPac will acquire Amret, one of Cambodia’s largest microfinance depository institutions, for $550 million. This deal marks a notable growth opportunity for Bank SinoPac in Southeast Asia and highlights the increasing significance of sustainable finance in Cambodia and its contribution to the country’s economic development.
The stakeholders involved in the sale of Amret comprised the International Finance Corporation (IFC), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Advans SA Sicar (Advans), La Fayette Participations SAS, and Botta. Advans, which previously held a majority share, has completely divested its interest. Meanwhile, both IFC and FMO will maintain a diminished stake of 10 percent each for a minimum duration of two years.
Bank SinoPac will first acquire an 80 percent stake in Amret. It intends to acquire the remaining 20 percent within the next two years.
DFDL advised Amret with a team led by partners Chris Robinson, Vansok Khem and Clint O’Connell. They were supported by Cambodia legal senior consultants Soromnear Sin and Kang Thavy.
Bank SinoPac was advised on Cambodian law by an HBS Law team led by senior partner Patrick Smith.
Baker McKenzie in Taiwan represented Bank SinoPac. Its team was led by Kevin Wang and Louis Liu, with the assistance of partners Mark Tu and Fang-Yi Jen.
A Clifford Chance team acted for Amret, including partner Tom Lin, senior associates Wesley Tan and Winnie Poon, associate John Wu and trainees Yuqian Zhang, Nicholas Khong and Lia Tay.