Baker & McKenzie on $1.5 Billion Hong Kong Bank Buy
Baker & McKenzie is advising Guangzhou-based Yue Xiu Group on its proposed $1.5 billion purchase of a majority stake in Hong Kong’s Chong Hing Bank Ltd.
The municipality-owned Yue Xiu, which operates in the real estate, infrastructure and transportation, and finance and securities sectors, is acquiring a 75 percent stake in family-owned Chong Hing through a Hong Kong subsidiary.
In a joint statement outlining the deal, Yue Xiu said the increase in financial services transactions between the mainland and Hong Kong was the driver for the deal, adding that the company was hoping to boost its brand and business throughout southern China.
Hong Kong partner Dorothea Koo led Baker & McKenzie’s team on the deal, which included six other partners from the firm’s finance, regulatory, insurance, property, and intellectual property practices.
Slaughter and May Hong Kong partners David Watkins and Lisa Chung are acting for Chong Hing Bank.*
Sullivan & Cromwell Hong Kong partners Kay Ian Ng and William Chua, and Beijing partner Gwen Wong, are representing Yue Xiu’s financial adviser, Nomura International (Hong Kong) Ltd.
*Updated, 11/4/13, 6:30 p.m.: This story was updated to include the roles of Slaughter and May partners David Watkins and Lisa Chung as advisers to Chong King Bank Ltd.