Banking & Finance: Singapore

“A Singapore mega-firm, Allen & Gledhill is the largest and best choice in the field,” report clients. “Undeniably in a position to command a huge amount of top-drawer work,” this 12-partner and 23-associate team principally handles acquisition, leveraged, general corporate and tax structured financing work, as well as property-related finance work and REITs. “Ubiquitous in the field,” the team primarily represents financial institutions such as Goldman Sachs, DBS Bank, UOB Asia and Oversea-Chinese Banking Corporation, all of which it advised on a secured loan to Marina Bay Sands for approximately SGD5.4 billion. Interviewees describe the team as “a very happy combination of size and quality - it’s highly efficient despite being so large, and delivers as solid and responsive a service as you could ask for.” Mark Hudspeth is “without doubt a leader at the practice,” affirm commentators. Concentrating on a range of property, leveraged, corporate lending and tax structured finance, he is valued as “a lawyer who really takes care of his clients, tenaciously fighting their corners.” Principally handling project finance work, Chee Wai Kok is “a first-choice lawyer,” praised for his “commitment, straightforward communication, practical advice and winning solutions.” Managing partner Lucien Wong remains actively involved in all aspects of the firm’s M&A and finance work. “A strong lawyer who is not afraid to roll up his sleeves and get stuck in,” he exhibits “all the key qualities you want in a lawyer - you can always rely on him.” Concentrating on debt capital markets, REIT financing and bond work, Margaret Chin is “well liked, by both issuers and lenders,” report clients. “A thorough and diligent lawyer who is well versed in the technical elements of the area,” she is admired in negotiations for her “good, commercial sense.” Handling a broad range of banking work, Eugene Ooi has particular expertise in the leveraged finance and trade finance arenas, while Christina Ong is head of financial services at the firm, focusing mostly on debt and equity capital markets work.

Primarily representing corporate borrowers, this team of 15 fee earners remains “hugely popular with banks and their clients.” Steadily increasing its market share of prominent deals, the team acts on acquisition financing, property financing, REITs and trusts, project financing and PPP matters. Recent highlights include acting for the Singaporean purchaser in the USD1.5 billion acquisition of United Test and Assembly Center, assisting a consortium that included Capitaland, Wachovia Development, Morgan and Hotel Properties on the SGD1.5 billion bridge financing for the purchase of a 618-unit condominium. “A tough lawyer, but able to see the bigger picture and compromise where necessary,” Susan Wong is co-head of the firm’s banking and finance practice, and has a significant reputation within the market: “She’s a tenacious negotiator - if she’s on your side that’s great, but if she’s opposite, then God help you!” The other co-head, Alvin Chia, counts among his recent highlights the representation of a syndicate of banks in financing Saudi Basic Industries' purchase of GE Plastics from GE for USD11.6 billion. Christy Lim recently acted as lead financing counsel to The Cairns on its voluntary conditional offer for all the issued shares in The Straits Trading Company.

Part of the banking and corporate department, this team handles a broad range of banking regulatory and finance issues, acting on M&A deals, IPOs and capital markets transactions. Representing both lenders and borrowers, the group has been involved in a number of property-related deals such as acting for Genting International on the USD3 billion syndicated financing for the development and construction of Resorts World. Other recent highlights include acting as Singapore counsel to Saudi Basic Industries on an USD11 billion financing transaction to fund its worldwide acquisition of GE’s plastics business. Clients praise the team’s “diligent and responsive approach - you know they’ll have everything covered.” Managing director and head of the banking, corporate and real estate department, David Ang is “a well-respected practitioner who always knows the best way to achieve a deal.” He acts predominantly for lenders and lending syndicates, and his workload covers a mix of both local and cross-border financing matters. Valerie Kwok has “come out from the shadows and into her own as a notable practitioner in the market,” said commentators. Leading the banking team in the Sentosa Integrated Resort project, she proves a popular choice among clients: “We can discuss all the angles with her and she’ll always manage to resolve the issues for us.”

With over 300 lawyers, this is one of Singapore’s largest firms and fields a corporate banking group of three partners who handle transactional banking work, with another three partners involved in derivative, compliance and regulatory advisory work. Advising on both Singapore-based and regional acquisitions and financings, the team counts a number of international and local banks and corporate borrowers among its clientele. Recent highlights include acting for Tech Semiconductor Singapore on a USD600 million syndicated loan facility, and acting for the lenders in a USD140 million syndicated loan for financing the purchase of Seksun's business and assets. “Precise, straightforward and clear,” Terence Choo is “able to explain matters quickly and simply,” enthuse clients. Clients appreciate his “excellent understanding of a transaction” and his ability to find a compromise: “He is great at reaching an agreement, and won’t ask you to fight unless it is absolutely necessary.” Part of the China services group at the firm, Rebecca Chew regularly advises such clients as the Bank of China on loan recovery work and banking litigation.

This finance practice group has made good headway with banking clients over the past year, finding its way onto the panel for a number of prominent local banks thanks to its “cost-effective, high quality of service.” It pays an impressive degree of attention to a deal at both partner and associate level, and acts for a mix of banking and borrower clients, capitalising on the firm’s market-leading reputation in real estate. This was demonstrated when it represented Macquarie Global Property Advisors on securing SGD1.4 billion bridge loan facilities to finance the acquisition of a URA site at Marina View. Head of the corporate banking division, Doreen Sim is praised for her “calm, well-mannered demeanour,” report clients: “She is never confrontational, but is extremely effective at resolving issues for us.” Doing “a fantastic job on straight financing transactions,” Cerintha Chia concentrates principally on matters in the corporate and projects arenas.

This team divides its time between handling local Singaporean financing matters and acting as local counsel on high-level, high-value international projects, where it benefits greatly from its association with joint venture partner Allen & Overy. Demonstrating “a good grasp of the issues that typically arise in transactions, and always planning ahead,” the team represents a mix of local and international banking clients, who appreciate the lawyers’“commercial mindset and flexible approach.” Recent matters include PPP projects and securitisation work, with one key highlight being the group’s handling of the Singapore security documentation for the provision of various facilities amounting to GBP2.7 billion for the acquisition of the EMI Group of companies. Head of the firm’s litigation and banking practices, Sarjit Singh Gill SC concentrates on a mix of securitisation, project finance, LBO and restructuring, as well as litigation and international arbitration. Interviewees praise him as “someone to have on hand when it comes to potentially contentious situations.”

This banking and finance group typically advises on project and asset finance, including ship financing, aircraft leasing and PPP projects. Carrying out both lender and borrower work, the team has recently been increasingly involved as lenders’ counsel, advising a mix of Singaporean and Japanese banks. Commentators commend the team for its “entrepreneurial spirit and its ability to advise on niche areas.” Li Fei Quek heads the banking and finance team and is the main contact.

Led by Louise Tan, this team of four fee earners is best known for its financing work within the real estate sphere, where it typically advises on both bank and developer issues, particularly in connection with REIT financing. A long-established name in the Singapore market, the team has won some impressive mandates, as demonstrated by its role as lenders’ local counsel in Singapore’s integrated casino project. Benefiting from its joint venture agreement with Lovells, the group has also played a key role as local counsel in a range of international transactions, including syndicated finance and securities matters.

This team is “absolutely top-class for certain transactions,” which earn it widespread praise: “I would highly recommend it for joint venture and reverse takeover contracts,” commented one client. Described as “dynamic, forward-looking and aggressive,” this corporate commercial boutique typically advises a mix of international and local banking and financial institutions on matters such as M&A transactions, IPOs, REIT work and dispositions. “The driving force at the firm,” Suet Fern Lee concentrates on corporate finance work. Praised for her strong relationships with government entities and the legal community, she is described as “technically brilliant, client-friendly and commercially very savvy.”

This corporate commercial boutique concentrates on a mixture of banking and finance, M&A and IPO work, with lawyers advising on both transactional and contentious matters. “The firm has become a leading name in the market” following the establishment of its joint venture with Allens Arthur Robinson in 2007, a move which brought an influx of local and regional work. Further evidence of the team’s development can be found in its shipping finance expertise, following the recent acquisition of a team of lawyers specialising in this work. “Highly renowned and a firmly established name in the legal community,” Dr Su Mien Thio advises on a wide range of the firm’s prominent matters.

This boutique finance practice enters the tables and is valued for “the quality of its lawyers and its superb attention to detail.” The group has “steadily improved its standing with each passing year,” making it preferred local lenders' counsel for a number of multinational firms. Sunny Wong is the main point of contact at the firm for banking and finance work.