SICO Investment Bank was lead manager, Leader Capital was co-lead manager with Deloitte & Touche, which was also financial adviser, Norton Rose was the legal adviser and KPMG Fakhro was the registrar on the IPO, in which 42 million shares, or 35 per cent of the company, was offered.

The bank’s founders, which include Dubai-based Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding, Global Investment House, Lebanese Canadian Bank and Al-Salam Bank Sudan, are understood to be planning to establish more banks across the Middle East and North Africa.