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 the number one position in the investment banking fee league tables for the first half of 2026. This dramatic ascent was fueled by a staggering 705% year-on-year surge in fees, signaling a shift in how major cross-border and domestic deals are being structured.

Citi’s Dominance in the M&A Surge

According to the latest data from LSEG Deals Intelligence, Citi earned $60.3 million in fees during the first half of 2026, securing a 9.8% share of India's total investment banking fee pool. The bank's rise was primarily driven by its overwhelming dominance in Mergers and Acquisitions (M&A) advisory.

Citi advised on $30.2 billion worth of announced deals involving Indian entities, representing a 34.7% market share. This figure marks a monumental 1,047% jump in deal value compared to the previous year, achieved across just eight major transactions. This performance highlights Citi's ability to capture high-value, large-scale mandates even as the broader market faced fluctuations.

A Divergent Market: M&A Rises While Capital Markets Cool

The Indian investment banking landscape in 1H2026 showed a clear divide between deal advisory and capital markets issuance. While the total fee pool shrank by 20% year-on-year to $614.1 million, the components told different stories:

  • M&A Advisory: This was the star performer, with fees growing 24% year-on-year to $265.0 million. Total M&A deal value reached $86.9 billion, up 31% from the previous year.
  • Equity Capital Markets (ECM): Underwriting fees fell by 34% to $188.6 million, with total proceeds dropping 38% to $16.5 billion—a three-year low.
  • Debt Capital Markets (DCM): This sector saw the steepest contraction, with underwriting fees dropping 49% to $84.2 million and bond proceeds hitting a four-year low of $37.6 billion.

Despite the slowdown in ECM, the IPO pipeline remains active with over 100 listings, with investors eyeing marquee entries like Jio Platforms and NSE in the coming months.

While Citi claimed the top spot, the league tables showed significant movement among other major institutions. Ernst & Young PLC secured second place with $43.0 million in fees (up 124%), followed by Axis Bank Ltd in third with $38.1 million. Notably, Jefferies LLC, which led the rankings last year, slipped to fifth place as its fees plummeted by 60%.

The M&A activity was characterized by "fewer but larger" transactions. The materials sector led the charge, accounting for 28% of total value, bolstered by massive deals such as the $20.6 billion Vedanta Aluminium spin-off. Additionally, outbound M&A—where Indian companies acquire assets abroad—more than tripled to $18.7 billion, the highest level since 2010, with the United States remaining the primary destination for these investments.

Key Takeaways

  • Citi’s Meteoric Rise: Citigroup moved from 27th to 1st place in India's investment banking rankings, driven by a 705% surge in fees to $60.3 million.
  • M&A vs. Capital Markets: While M&A activity rebounded strongly with deal values up 31%, Equity (ECM) and Debt (DCM) markets faced significant contractions.
  • Shift Toward Scale: The market is witnessing a trend of larger, more concentrated transactions, particularly in the materials sector and in outbound M&A activity.