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KWM primed for success

KWM primed for success

Anne-Marie Neagle KWM

An Australian team from global firm King & Wood Mallesons advised on an international consortium’s acquisition of PrimeCredit.

Firms: Slaughter & May (Standard Chartered Bank), King & Wood Mallesons (China Travel Financial Holdings Co. Ltd, Limited, Pepper Australia Pty Ltd and York Capital Management Global Advisors LLC)

Deal: A consortium comprising China Travel Financial Holdings Co., Pepper Australia and York Capital Management Global Advisors, LLC bought PrimeCredit Limited and Shenzhen PrimeCredit Limited from Standard Chartered Bank.

Value: Confidential

Area: Securitisation

Key players: The KWM core team included Anne-Marie Neagle (pictured), Josh Cole, Hayden Flinn, Richard Mazzochi, Paul McBride, Jason Qiu and Yingmao Tang.

Significance:

The deal marks the first deregulation of a Hong Kong DTC into a moneylender, according to a statement from KWM. It also involved a global consortium structure, a substantial mortgage book sale to the Bank of East Asia and a series of consumer receivable securitisations.

PrimeCredit is a leading consumer finance provider in Hong Kong, has assets under management of $US1.15 billion and services over 132,000 customers.

The deal required a specialised cross boarder team to navigate the approval processes for the acquisition of regulated consumer businesses in both Hong Kong and China, and to structure the acquisition, reorganisation and financing arrangements, KWM suggested.

KWM partner Richard Mazzochi said more deals in this sector could be expected.

“This deal reflects the strong interest we continue to see from institutions in the Hong Kong financial services sector.”

 

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