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AAR acts for ANZ in Tianjin City Commercial Bank acquisition

12 December 2005

Allens Arthur Robinson acted for ANZ in its proposed subscription for a 19.9 per cent stake in China's Tianjin City Commercial Bank for approximately US$120 million (A$161 million).

Tianjin City Commercial Bank is China's fourth largest city commercial bank by assets.

AAR advised ANZ on the regulatory and structuring aspects, due diligence and transaction documents that included a Share Subscription Agreement, Business Co-operation Agreement and Technical Assistance Agreement. The transaction documents were executed in Tianjin on 6 December 2005 and are subject to Chinese regulatory approvals.

Shanghai-based partner Jeremy Low led the team that advised ANZ on the transaction.

'We were able to carry out the legal due diligence and agree the transaction documents in a relatively short period of time, particularly for a foreign investment of this size and significance into China,' Mr Low said.

'We were able to add value because of our years of China experience, ability to work and document in Chinese and English and a thorough understanding of both the PRC and home regulatory environments.'

AAR has one of the largest and most experienced China teams of any Australian law firm. Currently, AAR has a total of 8 partners and 28 lawyers based in Hong Kong, Shanghai and Beijing.

AAR announced last month that two partners, Niranjan Arasaratnam and Campbell Davidson, will be relocating to its Shanghai office while five more lawyers are also in the process of being appointed in China.

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Notes for editors.

Allens Arthur Robinson was Best Large Professional Services Firm of the Year and Best Large Law Firm in the 2006 BRW-St.George Client Choice awards, and the Chambers and Partners 2005 Australasian Law Firm of the Year. AAR has been awarded an EOWA Employer of Choice for Women citation by the Federal Government's Equal Opportunity for Women in the Workplace Agency (EOWA). Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with staff based in 14 cities and eight countries across the region. It was founded in 1822.