Citi Emerges as India's Top Investment Banker with $60 Million in Fees

Citigroup has staged a massive comeback in the Indian financial landscape, skyrocketing from 27th place last year to become the nation's leading investment banker. This dramatic rise comes as the bank’s fees in India surged by a staggering 705% year-on-year, according to the latest data from LSEG Deals Intelligence.

Citi's Dominant Leap to the Top Spot

The first half of 2026 witnessed a historic shift in the investment banking league tables. Citigroup earned $60.3 million in fees, capturing a 9.8% wallet share of India's total investment banking fee pool. This rise is particularly noteworthy given that the overall fee pool contracted by 20% year-on-year to $614.1 million.

Citi's dominance was fueled by its extraordinary performance in Mergers and Acquisitions (M&A). The bank advised on $30.2 billion worth of announced deals involving Indian entities, representing a massive 1,047% jump in value compared to the previous year. Despite managing only eight deals, Citi secured a commanding 34.7% market share in M&A financial advisory.

A Divergence Between M&A and Capital Markets

While the broader fee pool shrank, the market showed sharply divergent trends across different financial products. M&A advisory emerged as the brightest spot, with fees growing 24% year-on-year to reach $265.0 million. This growth was driven by larger, high-value transactions, even as deal volumes saw a slight dip.

In contrast, capital markets experienced a significant cooldown:

  • Equity Capital Markets (ECM): Underwriting fees dropped 34% to $188.6 million, with total proceeds falling 38% to $16.5 billion—a three-year low.
  • Debt Capital Markets (DCM): Underwriting fees plummeted 49% to $84.2 million, as bond proceeds hit a four-year low of $37.6 billion.
  • Syndicated Lending: Fees declined by 26% to $76.3 million.

Shifts in M&A Landscape and Sector Winners

The Indian M&A market saw total deal values rise 31% year-on-year to $86.9 billion. A significant driver was the surge in outbound M&A, which more than tripled to $18.7 billion—the highest first-half level since 2010. Notably, the United States remains the primary destination for Indian acquirers, capturing 73.9% of outbound activity.

Sector-wise, materials led the charge, accounting for 28% of total deal value, bolstered by massive transactions like the $20.6 billion Vedanta Aluminium spin-off. Healthcare, industrials, and financials also showed robust activity.

The Competitive Landscape: Who Else is Winning?

While Citi claimed the top spot, the rest of the leaderboard showed a mix of steady growth and significant retreats:

  • Ernst & Young (EY) PLC: Secured second place with $43.0 million in fees, up 124% year-on-year.
  • Axis Bank Ltd: Held the third position with $38.1 million in fees (up 16%).
  • Arpwood Capital: A notable new entrant, ranking fourth with $33.7 million.
  • Jefferies LLC: Last year's leader, Jefferies, slipped to fifth place as its fees fell 60% to $27.9 million.

In the cooling ECM sector, Jefferies managed to maintain its lead in underwriting $2.6 billion of India-domiciled equity, followed by Kotak Mahindra Bank and Axis Bank.

Key Takeaways

  • Citi's Meteoric Rise: Citigroup moved from 27th to 1st in the investment banking rankings, driven by a 705% increase in fees and massive M&A advisory dominance.
  • M&A vs. Capital Markets: While M&A activity rebounded with higher-value deals, Equity and Debt Capital Markets saw significant contractions in both fees and issuance volumes.
  • Outbound Momentum: Indian companies are aggressively expanding globally, with outbound M&A reaching its highest first-half level since 2010, primarily targeting the U.S. market.