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NEWS ANALYSIS: Temasek’s PFC

28 April 2012

More than one project finance banker in Singapore has confessed to coming in for an interview for the position of chief executive officer of the Project Finance Company (PFC). The new entity, established by the Singapore government- owned holding company, Temasek, will eventually get a new name and logo, probably after it gains a new CEO. PFC’s business model and plans to fund its business have been the source of a great deal of speculation. The stated aim for the new entity is to plug identified gaps in funding for project and export financing. But in typical Singapore fashion, while it will be established by state-linked entity it is expected to operate on completely commercial lines. This makes some bankers nervous. Three regionally active lenders – DBS, Standard Chartered, and Sumitomo Mitsui Banking Corporation – have signed up as cornerstone shareholders. Their presence should reassure project finance lenders that it...

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