Norton Rose advises HSBC on Indonesian bank buyout

<a class=Norton Rose advises HSBC on Indonesian bank buyout” />Norton Rose has won an instruction from HSBC over the purchase of Indonesian lender Bank Ekonomi for $608m (£351m).

The firm has emerged as HSBC’s preferred corporate adviser in Asia, having also worked on its failed bid for the Korean Exchange Bank last month.

Lovells was also handed a role by the sellers, wealthy Indonesian private investors known as the Wings Group, in the cash-for-shares bid.

The Norton Rose team was led by corporate partner Jake Robson and Bangkok managing partner Phillip John.

Lovells was drafted in as international counsel by local firm Makes & Partners, which advised the shareholders on the sale of 88.9 per cent of shares in the bank.

Of counsel Scott Calver, who is based in Singapore, advised on the deal supported by Asia corporate head Jamie Barr and Singapore managing partner James Harris.

Calver said: “The significance of this deal is that it was done in this challenging economic climate. Indonesia is no different from other jurisdictions where M&A activity has been sharply curtailed.”