The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
In addition, BTMU has set up a second transactional panel, which includes all eight of its preferred firms plus another raft of advisers, which are yet to be named by the bank.
The whole process has taken less than two months, pitching firms turned in their initial submissions to the bank at the end of September (27 September). The bank then performed an initial evaluation, calling back some firms to amplify their submissions in late October (29 October 2013).
A spokesperson for BTMU said: “The process itself has been a highly rewarding and extremely competitive and has resulted in the appointment of a preferred firms panel and a transactional panel.”
She continued: “We are very pleased with the outcome of the tender process and would like to thank all those involved in the process for their hard work and cooperation.”
A&O has picked up substantial instructions from BTMU in the past, advising the bank and Mitsubishi UFJ Securities International on the purchase of the Royal Bank of Scotland’s £3bn project finance portfolio in 2011. More recently, it also advised BTMU on the largest ever acquisition in Asia to date by a Japanese bank – submitting a voluntary offer for major commercial Thai bank Ayudha, valued at $5.75bn.
In March, Ashurst was instructed by BTMU on the A$3bn relaunch of its Australian dollar transferable certificates of deposit programme and A$300m inaugural trade.
Linklaters also has a relationship with the bank thanks to advising on its $3bn refinancing of Abu Dhabi National Energy Co (TAQA).
BTMU increased its overseas lending by 35 per cent in the nine months to the end of 2011, before stating in April 2012 that it hoped to increase the amount of profit generated overseas from 28 per cent to 40 per cent within three years.