Legal Advisors, Abdulaziz I. Al-Ajlan & Partners In Association with Baker & McKenzie has advised the financial advisors and lead managers on the initial public offering (IPO) of The National Commercial Bank, Saudi Arabia's largest lender.

The deal, raising SAR22.5 billion (USD6 billion), is the second-largest IPO in the world this year and the largest-ever equity sale in the Middle East, surpassing the USD5 billion raised by Dubai’s DP World in 2007.

The Firm advised GIB Capital and HSBC Saudi Arabia as financial advisors and lead managers on the deal, which sees 25 percent of the bank floated.

Riyadh-based partner Karim Nassar led the team, assisted by counsel Robert Eastwood.

Mr. Nassar said, "With Saudi Arabia preparing to open its stock exchange to foreign investors, global investor interest is high and rising. NCB was the last of the Kingdom's major banks to go public and it has been an honour to work on such a large and prestigious deal."

NCB, established in 1953, was the first Saudi Arabian bank, is the largest bank by assets in the Arab world and is one of the pioneers in Islamic banking and finance in the world.