Global law firm Clifford Chance has advised a consortium, including financial institutions and development banks Advans SA SICAR, FMO NV and IFC, on the sale of 100% of their interests in Cambodian microfinance deposit-taking institution (MDI) Amret to Bank SinoPac.
Taiwan-based Bank SinoPac will acquire Amret, Cambodia’s largest MDI by total assets, in three tranches, acquiring 80% of equity initially, followed by 10% of equity in each of the first and second years respectively. International development finance institutions FMO and IFC will continue to be shareholders in Amret for two years following the acquisition of the initial tranche of equity by Bank SinoPac.
The transaction will mark the expansion of Bank SinoPac’s international presence and further extend its overseas service network in South East Asia, while enhancing Amret’s ability to reach and provide diversified financial services to underserved communities in Cambodia’s growing economy.
The Clifford Chance team advised on the international aspects of the transaction and comprised senior associates Wesley Tan and Winnie Poon, associate John Wu and trainees Yuqian Zhang, Nicholas Khong and Lia Tay with support from private equity partner Tom Lin. DFDL advised on local law in Cambodia.
Tom said, “This transaction underscores the importance of sustainable finance and financial inclusion to the economic development of Cambodia, marking both a significant step in Bank SinoPac’s expansion and empowering Amret to further support the growth and prosperity of local communities. We are very pleased to play a support role for this important mission.”
Clifford Chance has advised on major transactions in South East Asia’s growing banking sectors, including the sales of Home Credit’s Philippines, Indonesia and Vietnam operations, RCBC on SMBC’s investment into RCBC in the Philippines, and the sale of Cambodian microfinance business PRASAC to Kookmin Bank.
