Citi’s India IB revenue nearly doubles as bank raises $16 billion for clients, shows data

Citi’s investment banking business has helped Indian companies raise nearly $16 billion so far this year and has advised on $36 billion of mergers and acquisitions, as the bank’s investment banking revenue in India nearly doubled year on year, according to Dealogic data cited by Citi.

Citi ranked first in India for investment banking revenue year to date, with revenue rising to $52 million from $29 million a year earlier. Its market share stood at 7%, compared with 4% in 2025, according to Dealogic data.

Indian companies have continued to expand their international presence and raise financing to support their growth ambitions, with much of the activity concentrated in the technology sector, Citi said.

The bank said it has leveraged its global network to help Indian companies access global capital markets and advise on strategic transactions.

Citi has raised close to $16 billion for local clients year to date, including landmark financings, and has advised on $36 billion of M&A involving key Indian companies.

The bank ranked first in Dealogic’s India M&A league table, with a 28% market share. Citi had $36.81 billion of announced M&A deal value across 10 transactions, according to the Dealogic data provided by the bank.

Arpwood Capital ranked second with $25.05 billion of announced deal value across 19 transactions and a 19% market share, followed by JPMorgan with $17.55 billion and a 13% share.

Citi said it expects strong deal flow to continue.

“Citi is growing with our clients in India as we deliver the full power of the franchise to clients both locally and across Citi’s global network,” Rahul Saraf, India head of investment banking at Citi, said in the release.

“India is a key market for Citi globally, home to a range of world class companies who we are supporting both at home and abroad. We have a very strong pipeline of business ahead and we are excited by the growth opportunity with our clients,” Saraf said.

Citi’s $52 million in investment banking revenue put it ahead of JPMorgan at $43 million, while Kotak Investment Bank and HSBC each reported $35 million in the 2026 year-to-date Dealogic league table.

The total investment banking revenue represented in the table was $780 million in 2026 year to date, compared with $796 million in the corresponding period of 2025.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here

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