LAUNCH OF ASIA PACIFIC LOAN MARKET ASSOCIATION("APLMA")

The Singapore banking industry and Asia Pacific loan market received a boost today with the official launch of the inaugural Asia Pacific Loan Market Association ("APLMA"). Fifteen banks from Singapore and Hong Kong have grouped together to create the Asia Pacific Loan Market Association, with the aims of promoting and developing the primary and secondary loan markets in the Asia Pacific region.

Based in Hong Kong and Singapore, the APLMA will standardise the documentation and trading practices and promote growth, liquidity and product development in both the primary and secondary markets for syndicated loans.

The formation of the APLMA will strengthen and increase lending activities in the Asia Pacific loan market. Over the past 5 years, the loan market has provided around US$500 billion of funds for Asian development. Funds were directed toward the long-term economic growth of the region. Until now, the market has been fragmented and without any forum for those involved to work together in achieving common goals. The Association’s mandate will cover all syndicated borrowing facilities including corporate, project and other borrowings

The Association is managed by a Board of fifteen members (see appendix), headed by Chairman, Mr Ian Adams of Banque Nationale de Paris and Vice Chairmen, Mr William Hon of DBS Bank and Mr Philip Cracknell of Standard Chartered Bank. "With the formation of APLMA, market players will stand to gain from potential savings in cost and time through the standardisation of loan documents," said Mr Hon, on the benefits of the new association. The APLMA will also develop Internet-based information and syndication systems for member banks, bringing the Asia Pacific loan market to the forefront of technological developments.

To date, the Association has more than 75 members from Asia, Europe, America and Australia. The APLMA will work closely with the Loan Market Association (‘LMA") in London and the Loan Syndications & Trading Association ("LSTA") in New York to establish a global loan market.

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Appendix

APLMA BOARD MEMBERS