HONG KONG – Bank of America Merrill Lynch Global Transaction Services (GTS) today announced that it has completed the implementation of a customized, end-to-end transaction services solution for Unitas Capital, a Hong Kong-based private equity firm. The integrated solution was tailored for Unitas Capital to support its recently announced sale of an equity investment.
Working within a two-week timeframe, Bank of America Merrill Lynch leveraged the capabilities of its universal banking model to develop a comprehensive transaction services solution to meet Unitas Capital’s complex requirements. In addition to opening and maintaining escrow accounts, Bank of America Merrill Lynch provided United Capital an array of services including foreign exchange and fund settlement that utilize the strengths of the GTS, Global Corporate and Investment Banking, Global Markets, and Operations business lines.
Upon implementation of the escrow and settlement solution, Unitas Capital received numerous benefits to support the transaction. Specifically, by partnering with Bank of America Merrill Lynch teams in several geographies, the comprehensive transaction services solution was implemented for Unitas Capital simultaneously and seamlessly across multiple time zones. Furthermore, serving as escrow agent, Bank of America Merrill Lynch ensured counterparty risk was mitigated when settling obligations and that provisions were executed as pre-agreed for all transacting parties.
“We continue to aggressively expand our escrow and settlement platform in this region and invest in the most relevant and effective solutions for our clients,” said Ivo Distelbrink, head of GTS, Asia Pacific. “The success of the deal further underscores the strength of the Bank of America Merrill Lynch franchise, showcasing our capabilities across different banking teams and products globally to directly benefit to Unitas Capital.”
“Given our specific needs and time-sensitive requirements, Unitas Capital was looking to partner with a provider to implement an end-to-end escrow solution built on broad market experience and global connectivity,” said Sharon Lim, CFO of Unitas Capital. “To support our landmark transaction, Bank of America Merrill Lynch crafted a comprehensive solution that delivered above and beyond all of our requirements.”
Throughout 2013, Bank of America Merrill Lynch has invested in its Asia Pacific GTS platform to complement its robust capabilities in treasury management and trade finance. Building out escrow agent services is a significant enhancement, as the solutions support a wide range of transactions including mergers and acquisitions, receivables collection/purchase of goods or services, and cross-border trade.
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About Unitas Capital
Unitas Capital is one of the most experienced dedicated regional private equity firms in Asia, with US$4 billion in capital commitments under management. Since 1999, Unitas has advised on investments exceeding US$2.8 billion into 32 companies. Unitas targets investments in market-leading industrial, branded consumer and retail companies with strong cash-generative business models, barriers to entry and differentiated product capabilities. Unitas uses its strong group of in-house operators to improve and grow businesses in its portfolio.
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