In 2013, investment-banking revenue, for DCM, M&A and ECM, was a mere $397 million. ECM posted a paltry $58 million, compared with a total $758 million for 2010, though that was still relatively modest given India’s $2.1 trillion GDP. In fact, India represented just 6.9% of the non-Japan emerging Asia fee pool in 2013, compared with 55% for China and 7.2% for tiny Singapore.
Though there has been a spirited rebound in deal-flow since the elections – investment banks posted $252 million of revenue year-to-end-August – bankers are under no illusions about the state of the intensely competitive landscape, even as the likes of Barclays, RBS and Morgan Stanley have retrenched in recent years.
| Further reading |
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| • Modi makeover ignites India’s banking leaders • Unchain Indian finance |
Citi, which posted 6.6%
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