Magic circle duo Freshfields Bruckhaus Deringer and Link-laters have nudged aside local opposition to secure lead roles on one of the largest-ever initial public offerings (IPOs) in Spain – the E4bn (£2.8bn) float of Spanish bank La Caixa's investment arm.

Freshfields advised the bank on the listing of Criteria CaixaCorp, which was listed earlier this month, marking one of the first times a Spanish savings bank has raised capital through an IPO.

The Freshfields team was headed by Barcelona corporate partner Antoni Valverde Roy assisted by corporate partners Armando Albarran in Madrid. Partner from the firm's London and Washington DC offices were also involved.

Barcelona corporate partner Miguel Loran also advised.

Linklaters corporate partner Inigo Berricano advised underwriters Morgan Stanley, UBS and La Caixa on Spanish law. Davis Polk & Wardwell corporate partner Michael Willisch advised on US law issues.

One Freshfields partner said the fact that no domestic firms were involved showed the in-roads international firms have made in the Spanish market.