Magic Circle law firm Clifford Chance and DFDL have advised a consortium of investors on the $550 million sale of Cambodian microfinance institution Amret to Taiwan's Bank SinoPac, which was represented by Baker McKenzie Taiwan and local firm HBS Law.
The deal will see Bank SinoPac initially acquire 80 percent of Amret, with plans to purchase the remaining 20 percent over the next two years. Amret is one of Cambodia's largest microfinance deposit-taking institutions, with $1.9 billion in total assets.
The sellers of Amret included International Finance Corporation (IFC), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Advans S.A. Sicar, La Fayette Participations S.A.S, and Botta. Advans, the former majority shareholder, has fully exited, while IFC and FMO will retain a reduced 10 percent stake each for at least two years to ensure a smooth transition.
Clifford Chance said the transaction underscores the growing importance of sustainable finance and financial inclusion in Cambodia's economic development. It marks a significant expansion for Bank SinoPac in Southeast Asia.
The Clifford Chance team advising on the deal included 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.
The DFDL team was led by partners Chris Robinson, Vansok Khem and Clint O’Connell, with support from Cambodia legal senior consultants Soromnear Sin and Kang Thavy.
The HBS team was led by senior partner Patrick Smith.
