Ms. Elsie F. Hakim

 

Elsie is a leading member of ABNR’s banking & finance, fintech, M&A and FDI practices. She is listed as a “Next Generation Partner” for banking & finance by Legal 500 Asia Pacific, making her one of only 3 Indonesian lawyers so ranked for this practice area, and is recognized as a “Notable Practitioner” for fintech by Chambers FinTech Guide, one of only seven Indonesian lawyers recommended by the guide. 

 

In banking & finance, her work spans the entire spectrum of offshore and onshore financing, including domestic and cross-border syndicated, consortium and bilateral lending transactions, security arrangements, leveraged and acquisition finance, registration and enforcement of loans and security in Indonesia and overseas jurisdictions, loan restructuring, and the sale and purchase of loans.

 

She offers particular experience in financial sector M&A and regulatory & compliance, having worked on a number of ground-breaking bank acquisition and merger deals over the course of her career, including South Korea-based Shinhan Bank’s acquisition of Indonesian lenders PT Bank Metro Express and PT Centratama Nasional Bank in 2015, and their subsequent merger to form Shinhan Bank Indonesia in mid-2017. This process was conducted using a pioneering 3-tier structure developed by the Indonesian Financial Services Authority (OJK), with the assistance of ABNR, which allows an acquiring foreign bank to bypass the 40% foreign ownership cap in the Indonesian banking sector. The structure is now held out as a model by the OJK to promote further foreign investment in the country’s banking sector under their Indonesia Banking Architecture blueprint for strengthening the financial system.

 

Since then, she has worked on a number of other bank acquisition and merger deals employing this 3-tier structure, including Industrial Bank of Korea’s acquisition of approx. 90 percent interests in each of two publicly listed Indonesian banks, namely, PT Bank Agris, Tbk and PT Bank Mitraniaga, Tbk, and their subsequent merger to form Bank IBK Indonesia in September 2019.

 

Elsie has been particularly busy in the fintech arena in recent years on the back of Indonesia’s online lending boom as foreign fintech participants crowd into the Indonesian market, where some 75 percent of the population remains unbanked. 

 

She is currently working on the acquisition by a leading South Korean credit-card issuer of a well-known Indonesian online finance platform from two Singapore-based private equity companies – her work includes advising on the legal and regulatory aspects, and structuring of the acquisition, including legal due diligence on the target. She is also working on the establishment of Indonesian operations by, respectively, a leading equity and debt crowdfunding platform in Singapore and Malaysia; a major South Korean cryptocurrency company; a California-based cryptocurrency and blockchain company; and the Singapore-based subsidiary of a China-based global financial services conglomerate.

 

In other recent fintech matters, she advised the corporate and regulatory & compliance aspects of an establishment of Indonesian P2P operation; and the setting up of an Indonesian online health and life insurance marketplace.

 

In M&A / FDI, she recently acted for Mediacorp, the Singapore based media conglomerate, for the sale of a majority interest in Indonesian online news portal PT Kapan Lagi Dot Com Networks to Indonesian publicly listed media company PT Elang Mahkota Teknologi. 

 

She is currently working on Hyundai Motor Co.’s approximately USD 800-million investment in a new automotive manufacturing plant in Indonesia that will have a capacity of up to 250,000 vehicles per year; Taiwan-based iPhone assembler Pegatron Corp.’s USD 300-million investment in an Indonesian manufacturing plant, and the acquisition by South Korean buyers of five companies that operate in the plantations, shipping and power sectors in Indonesia’s Papua province from a diversified Indonesian conglomerate.

 

Elsie, who is a 2005 graduate of the University of Indonesia’s Faculty of Law, holds an LL.M (cum laude) from Maastricht University in the Netherlands, where she majored in international and European economic law.

 

CITIZENSHIP:
Indonesian

 

LANGUAGES:
Indonesian
English

EMAIL:
ehakim@abnrlaw.com