Allen & Overy (A&O) and Freshfields Bruckhaus Deringer have advised on the creation of the largest bank in the Middle East and North Africa (MENA) region.
The bank will be created following the merger of First Gulf Bank and National Bank of Abu Dhabi with combined assets of approximately $175bn (£131.9bn).
Freshfields advised First Gulf Bank on the merger, with a team led by MENA regional managing partner Pervez Akhtar and Abu-Dhabi-based partner Michael Hilton.
London partner Stuart Grider provided securities advice, while international regulatory partner Michael Raffan also supported the team from the City.
Meanwhile A&O worked with National Bank of Abu Dhabi, with a team understood to be led by Abu Dhabi managing partner Ibrahim Mubaydeen and supported by UAE corporate partner Nicholas Stuart.
Following the merger, the bank will retain the name of National Bank of Abu Dhabi and operate a network of branches spanning 19 countries.
Each entity will continue to operate independently until the merger completes early next year, with shares of First Gulf Bank due to be delisted once the tie-up goes through.
Background to the deal
A&O advised on the Abu Dhabi’s Government’s £2.98bn bailout of five local banks in 2008. The magic circle firm worked with four of the five financial groups, including First Gulf Bank and National Bank of Abu Dhabi as the Government announced its tier 1 capital injection into the banks.
Clifford Chance represented the Government on the deal, with the magic circle firm having previously also advised First Gulf Bank on a new term loan facility in 2012. Freshfields has been building on its relationship with First Gulf Bank since 2013, when MENA regional managing partner Akhtar advised Dubai Group on the disposal of its consumer finance and credit card business to the bank.