ICBC in landmark offshore export financing
September 04, 2010 | BY
clpstaff &clp articlesIndustrial and Commercial Bank of China (ICBC) and its Indonesian subsidiary have provided the first ever commercial renminbi loan to a company outside…
Industrial and Commercial Bank of China (ICBC) and its Indonesian subsidiary have provided the first ever commercial renminbi loan to a company outside of China. Indonesia-based PT Bakrie Telecom (Bakrie) has received an Rmb2 billion (US$294 million) offshore Sinosure-covered export financing framework arrangement from the Chinese lender. Bakrie will use the proceeds of the facility to purchase telecoms equipment from Huawei Technology.
ICBC was represented by a Hong Kong-based Herbert Smith team. Alexander Aitken was the lead partner and he was supported by Kanyi Lui and Beijing partner Tom Chau. A Zhong Lun Law Firm team led by Fan Rong was PRC counsel to the bank. ICBC's Indonesian adviser was Hiswara Bunjamin and Tanjung (HBT), Herbert Smith's affiliate Indonesia law firm. Its team was led by Herbert Smith partner David Dawborn and HBT partner Tjahjadi Bunjamin.
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