Clifford Chance advised the Abu Dhabi Government on its tier 1 capital injection into the emirate’s banks. Capital markets partner Simon Sinclair in London and Abu Dhabi capital markets partner Chris Walsh led the Clifford Chance team.
A&O advised four of the five financial institutions, Abu Dhabi Commercial Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank.
The A&O team was led by Abu Dhabi managing partner Ibrahim Mubaydeen, Dubai head of capital markets Anzal Mohammed and London Islamic finance partner Roger Wedderburn-Day. They were assisted by Islamic finance associate Paul Phelps.
Abu Dhabi Islamic Bank is understood to have been advised by White & Case.
A&O’s Mohammed said: “The fact is that in the UAE [United Arab Emirates] these deals are the first non-convertible tier 1 securities. There’s been a tier 1 convertible done previously, but in terms of non-convertible instruments these are the first deals.
“The other thing is that in terms of pumping liquidity into regional banks, this may actually start a trend with other governments in the region which may start to do likewise.”
Clifford Chance and White & Case declined to comment.