AZB, via Ashwath, bags close SBI relationship & mega-restructuring with SAM

Thursday, 28 July 2016 By Legally India Corporate M&A

“State Bank of India (SBI) has kick-started the formal process of merging associate banks and Bharatiya Mahila Bank, which would create a banking entity with total assets worth about Rs 29 lakh crore. The bank has appointed merchant bankers, valuation consultants and law firms to complete the process,” reported The Economic Times.

The transaction includes SBI absorbing five associate banks - State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad - of which three are listed entities.

According to the Economic Times, AZB & Partners partner Ashwath Rau was advising SBI as transaction counsel. We understand that this included structuring and advising the six banks merging into SBI

The due diligence on the only bank that is not an SBI subsidiary - Bharatiya Mahila - was handled by Shardul Amarchand Mangaldas partner Sapan Gupta.

We understand from sources that the deal was won by AZB after Rau had joined the firm from Cyril Amarchand Mangaldas in June.

As reported on 4 July, Cyril Amarchand and Rau had represented SBI on setting up a payments bank, with Cyril Amarchand partner Indranath Bishnu continuing the deal after Rau’s departure.

On 11 July we reported that the $1.4bn Lafarge-Nirma sale had moved with Rau to AZB, despite having started out at Cyril Amarchand.

However, we understand from sources that this deal’s adviser appointments began after Rau had joined AZB

SBI has been a long-standing client of erstwhile Amarchand Mangaldas’ Mumbai office - which is now Cyril Amarchand - (such as Rau acting for SBI on a Rs 1.3 crore aquisition of the bank in 2013, or Amarchand Mumbai’s banking partner Amey Pathak [acting](<<a href=>)“>on a $300m loan for the bank), though other firms too have had close relationships with SBI

For instance, SBI had used [https://www.legallyindia.com/Deals-in-brief/deals-round-up used Majmudar & Partners on a loan in 2012, while AZB & Partners’ partner Bahram Vakil had for the Macquarie SBI joint venture in 2013 on a road project sale.

AZB & PartnersAshwath RauShardul Amarchand Mangaldas

Comments

Cammie 28 Jul 2016, 16:36
+4 -9
Azb is rocking it completely. True blue professional firm. Cam must be bitterly regretting Ashwath's exit. End of corporate in CAM.
Guest 28 Jul 2016, 16:56
+8 -7
And what about the gland pharma - KKR deal which CAM has just concluded?

AZB is not even part of such transaction.

CAM is far from over. It's just that it will take a hit for 1 year but things will get settled by then. Do remember that Cyril Shroff is a very smart businessman. Will not let a partner rock his legacy firm of nearly a 100 year old firm. His business skills and business development is very strong and he will manage to do his business pretty well in long run.
Guest1 28 Jul 2016, 21:59
+0 -2
Well Legally India wouldn't report such deals right when it's already made headlines ! They only focus on KCO deals and CAM stories to sensalise it :-)
Fosun 29 Jul 2016, 03:57
+2 -2
Serendipity- how apt is your comment! Guess which two law firms advised on the Fosun Gland Pharma deal!!
Hello.. 29 Jul 2016, 06:45
+1 -1
Law is a profession and smart lawyers are talked about here. What businessman????? You alright?
RC 30 Jul 2016, 14:50
+0 -0
Isnt Cam like a year old? Where did extra zeros come from Sir. Since they always seem to be missing from my bonus.
Curious George 1 Aug 2016, 01:58
+1 -0
I am curious, Guest, your comment is all abt Cyril Shroff, while everyone else is talking abt CAM. No one is doubting that Cyril will do well and he may be doing well for HIMSELF even now... But CAM as an organisation is not. You just need to separate the two and for once think abt the organisation. From what the grapevine says, the ORGANISATION needs to do well for everyone in the organisation to benefit. Else, the decision making equity is just hiring slaves to work for their profitability and profits.
AZB rocks 28 Jul 2016, 17:25
+4 -1
after the amarchand split statisticians will no longer have any excuse for justifying AZB at number 2 -- RSG has to put azb at numero uno this year;

ranking matters in terms of ensuring deal flows etc. just incase someone is thinking of trolling this harmless comment
cravath associate 28 Jul 2016, 17:28
+2 -0
Ashwath rocks
samm 28 Jul 2016, 17:47
+9 -0
they should have gone with Crawford Bayley who happen to be tenants in SBI's commercial branch!
Azb 2 Aug 2016, 07:56
+1 -0
Azb does the deal and SAM does the diligence - hhhaa clearly shows the quality difference!!
Commenting is closed for this article.