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AAR acts for ANZ in Cambodian joint venture bank

9 December 2004

Allens Arthur Robinson acted for the ANZ Banking Group in a joint venture with the Royal Group of Companies (Cambodia) to establish a bank in Cambodia.

To be known as the ANZ Royal Bank Cambodia, the joint venture represents a significant investment in Cambodia's fledgling banking industry and is an important step in the country's continuing economic development.

ANZ will own 55 per cent of the new bank. The Shareholders Agreement between ANZ and the Royal Group of Companies (Cambodia) was signed on 1 November but the joint venture still requires regulatory approval from Cambodia's central bank.

The group plans to open the new bank next year.

AAR provided both legal and strategic advice to ANZ, with a team of lawyers from AAR's offices in Singapore, Cambodia and Australia working together on the deal.

Singapore-based partner Gavin MacLaren led the team that advised ANZ on this transaction.

'This is an important transaction for banking in Cambodia,' he said.

'It is a transaction that has the potential to bring great benefits to Cambodia and its people. We are also pleased that we were be able to help one of the firm's clients in Australia as they expand further in Asia.'

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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.