Banking & Finance
A&Q maintains a leading banking and finance practice, recognized for its expertise in successfully representing lenders and borrowers in major local and cross-border financing endeavors.
Its team of attorneys brings extensive knowledge, skills, and insights acquired over decades of experience representing nearly every bank and financial institution in the country in the full spectrum of financial products, lending, and regulation.
A&Q’s track record of groundbreaking achievements distinguishes it as an industry pioneers, instrumental in developing innovative products, practices and structures widely adopted by banks across the nation. This includes the prevailing method of token registered and equitable mortgage in the industry.
The main areas of B&F that we advise on include:
Restructurings and Insolvency
Financial Regulation and Due Diligence
Leveraged Finance and Buyouts
Public Sector Finance
Hascol Petroleum Limited
In relation to the biggest default in Pakistan’s history (valuing PKR 54 billion), prepared a comprehensive strategy on behalf of the Bank of Punjab for its loan recovery and obtained the first-ever decree against Hascol.
Industrial and Commercial Bank of China, UAE
Acted as local legal counsel to ICBC with respect to finance facilities extended by it to the Ministry of Finance, Government of Pakistan for an aggregate amount of US$ 2.6 billion.
Power Cement Limited
Represented — (a) a syndicate of over ten banks and FIs in a PKR 16.2 billion Islamic project finance facility, and (b) as local legal counsel the Islamic Corporation for the Development of the Private Sector, the OPEC Fund for International Development and Deutsche Investitions- und EntwicklungsgesellschaftmbH in relation to a US$35 million Islamic project finance facility and a €15 million conventional term facility.
Azgard Nine Limited
Acted as exclusive legal counsel for over 100 creditors (including over 20 banks and FIs) in the restructuring of over PKR 17 billion debt of Azgard Nine Limited by way of filing and getting approved by the Honourable Lahore High Court a comprehensive Scheme of Arrangement and getting implemented all underlying requirements.
The Bank of Punjab
As per State Bank’s directions issued to all banks, we, together with KPMGTH, conducted – (a) a forensic investigation of non-performing loans, and (b) a thorough due diligence of all sugar exports (over 500) done through BOP from 2015 to 2020.
Ghotki Kandhkot Road & Bridge Company
Represented GKRBC in availing PKR 24 billion project finance facilities from a syndicate of banks led by HBL and MBL to fund the construction of Pakistan’s biggest bridge through public-private partnership mode.
Industrial and Commercial Bank of China, Macau
Acted as ICBC’s legal counsel for a US$ 100 million facility extended by it to Huaneng Shandong Ruyi (Pakistan) Energy (Private) Limited to finance a coal-fired power project located at Sahiwal, Karachi.
Represented JS Bank in the negotiation and establishment of US$ 10 million solar financing arrangement with the United Nations’ Green Climate Fund wherein JSBL agreed to lend subsidized loans to solar purchasers against certain guarantees issued by GCF.
Master Tiles and Ceramic Industries
Represented NBP and SCB in a PKR 9 billion syndicated LC facility and a US$ 28 million murabaha term project finance facility extended to Master Tiles and Ceramic Industries Limited to finance the installation of Unit IV of MTCIL’s tiles manufacturing operations.
Sindh Nooriabad Power Company
Acted as financiers’ counsel in a €32 million bridge facility extended to Sindh Nooriabad Power Company (Private) Limited for its 52MW power project.
United Bank Limited
Conducted a comprehensive legal due diligence exercise of the loan portfolio of United Bank Limited.
Sui Southern Gas Pipelines
Represented the financiers for the bridge facility extended to Sui Southern Gas Pipelines Limited for its Phase II LNG infrastructure project of PKR 15 billion.
Power Holding Private Limited
Represented a syndicate of banks and FIs in three finance facilities extended to Power Holding Private Limited for PKR 15 billion, 25 billion and 40 billion respectively.
National Development Finance Corporation
Conducted a comprehensive legal due diligence of the entire portfolio of the National Development Finance Corporation for the purpose of its intended acquisition by National Bank of Pakistan.
Represented a syndicate of banks led by Faysal Bank in the extension of project finance facilities under SBP’s IFRE Scheme to K-Solar Private Limited for the purpose of setting up of 5MW power plants for various end consumers.
Conversion of Faysal Bank into Islamic bank
With regard to the conversion of Faysal Bank Limited into an Islamic bank, acted as counsel to novate and restructure twelve facilities for an amount over PKR 50 billion extended to nine borrowers including syndicated, structured and project funded and non-funded facilities.
Represented the issuing and participating banks for two separate letter of credit facilities of US$ 79 million extended to Engro Powergen Limited.
Universal Gas Distribution Company
Represented the lenders in extension of PKR 1 billion project finance facility to Pakistan’s first-ever private sector gas distribution company, a landmark deal in Pakistan’s oil and gas sector.
LIBOR to SOFR Transition
Represented the Islamic Corporation for the Development of the Private Sector, the OPEC Fund for International Development and Deutsche Investitions- und EntwicklungsgesellschaftmbH in the LIBOR to SOFR transition of project facilities of US$ 35 million and €15 million.
Represented the lenders in complex recovery proceedings and ultimate settlement of PKR 2.9 billion facilities to Dagra Textile Private Limited.
Representing MyZoi, a subsidiary of Standard Chartered Bank, in setting up a major fintech service to meet financial needs of Pakistanis migrating to Arab countries.
Advised Tinkoff Bank and E&Y on Pakistan’s banking, finance and investment, asset management and securities brokerage landscape.
Zaver Petroleum Limited
Acted as financiers’ legal counsel for a PKR 3.2 billion musharaka project finance facility extended to Zaver Petroleum Limited.
Fauji Akbar Portia Marine Terminals
Acted as legal counsel in the restructuring of PKR 6.5 billion debt of Fauji Akbar Portia Marine Terminals, which involved conversion of debt into equity and debt security issues.
National Bank of Pakistan
Structured and drafted standard financing and security documents for NBP to extend loans under the new Prime Minister Youth Loan Scheme, which were used all over Pakistan by NBP.
Engro Elengy Terminal
Acted as legal counsel for a PKR 5 billion letter of credit facility provided by banks and FIs to Engro Elengy Terminal (Private) Limited for the Fast Track LNG project.
Sui Northern Gas Pipelines
Represented a consortium of banks in a PKR 5.5 billion diminishing musharaka project finance facility extended to Sui Northern Gas Pipelines Limited.
National Bank of Pakistan
Conducted a comprehensive legal due diligence of Burj Bank Limited’s whole credit and non-credit portfolio for the purpose of its intended acquisition by NBP.
Acted as financiers’ legal counsel for Phase II cost overruns facility and various other syndicated facilities aggregating over PKR 4.6 billion extended by banks and FIs to ASG Metals Limited and other group companies.
Conducted a comprehensive due diligence of the entire credit portfolio of KASB Bank Limited prior to its intended acquisition by AKBL.
Nishat Hotels and Properties
Represented the financiers in the extension of a PKR 2 billion diminishing musharaka facility to Nishat Hotels and Properties Limited for expansion of the Nishat Emporium project located at Lahore.
Qasim International Container Terminal Pakistan
Represented financiers for a PKR 7.3 billion musharaka project finance facility extended to Qasim International Container Terminal Pakistan Limited.
Century Paper & Board Mills
Represented lenders in the extension of a mix of Islamic and conventional finance facilities of PKR 2.25 billion to Century Paper & Board Mills Limited for the purpose of funding the designing, construction and installation of an 18MW cogeneration power plant.
Sukh Chayn Valley
Acted as lenders’ counsel in a PKR 2 billion Islamic finance facility extended to Sukh Chayn Valley (Private) Limited for the construction of two 10-storey luxury residential towers in Islamabad.
Aisha Steel Mills
Acted as borrower’s counsel in a combination of conventional and Islamic finance facilities of PKR 3.24 billion availed from a syndicate of banks and FIs for the purpose of expanding the production of its existing steel plant.
Engro Elengy Terminal
Represented financiers in the extension of three FCY facilities valuing US$ 20 million, US$ 10 million and US$ 5 million to Engro Elengy Terminal (Private) Limited.
Sindh Nooriabad Power Company
Acted as financiers’ counsel in respect of a term finance facility of PKR 3 billion and an inland guarantee facility of PKR 501 million extended by it to Sindh Nooriabad Power Company (Private) Limited and Sindh Nooriabad Power Company Phase II (Private) Limited for the purpose of financing two 52MW gas-fired power projects.
As per State Bank’s directions issued to all DFIs, we, together with KPMGTH, conducted a forensic investigation of non-performing loans of Pak Libya Holding Company (Private) Limited.
Hunza Citrus and Pulp
Represented a syndicate of banks and FIs in the extension of various conventional and Islamic project facilities aggregating to PKR 4 billion to Hunza Citrus and Pulp (Private) Limited for the setting up of a fruit processing plant in Punjab.
Acted as legal counsel for certain banks for the settlement of debt of PKR 2 billion in accordance with the approved scheme of arrangement of each Gulistan Group company by way of inter alia a debt-swap arrangement involving Sapphire Textile Mills Limited.
Represented a syndicate of banks in a long-term project finance facility of PKR 4 billion extended to Tri-Pack Films Limited for the purpose of setting up a BOPP (biaxially oriented polypropylene) film production line.
Represented issuing and participating banks in a US$ 21 million standby letter of credit facility extended to Engro Energy Limited to satisfy its financial obligations towards FCY lenders.
As per State Bank’s requirements issued to all banks, we partially conducted a thorough due diligence of certain sugar exports done through FBL from 2015 to 2020.
Conducted comprehensive legal due diligence of the entire housing finance portfolio of FBL in a record time of less than a month.
Conducted a comprehensive legal due diligence of the entire housing finance portfolio of MCB comprising almost 500 cases, in less than two months.
From time to time, conducted numerous legal due diligence exercises for Habib Bank Limited on various aspects of its entire portfolio.
Conducted comprehensive legal due diligence exercise of the loan portfolio of Allied Bank Limited.
Habib Metropolitan Bank
Conducted comprehensive legal due diligence exercise of the corporate loan portfolio of Habib Metropolitan Bank Limited.
Represented a syndicate of banks and FIs in the extension of PKR 6 billion facilities to Unicol Limited for its leveraged buyout of Popular Sugar Mills Limited.
Orient Petroleum Inc
Represented a syndicate of lenders in PKR 3 billion facilities extended to Orient Petroleum Limited for its capital expenditure across five oil, gas and LPG fields.