Middle East’s best bank for advisory 2021: Citi
Citi wins this award in part because it was so successful in securing a role for itself in the region’s big Spac deals. The US bank completed 11 M&A transactions in the year to the end of March 2021, worth a total of $53.3 billion, according to Dealogic data, for a 37% market share.
It was financial adviser and capital markets adviser to FinTech Acquisition Corp V in its $10.4 billion merger with Israel-based social trading platform eToro Group. And the bank carved out a key role as sole financial adviser to Lucid Motors, when the luxury electric vehicle maker, owned by Saudi Arabia’s PIF, merged with Churchill Capital Corp IV, a New York-listed Spac, in a deal worth $24 billion.
For the region to wean itself off a long-standing dependence on oil and gas, it needs good financial advice and strong and steady flows of capital from global investors, and this is where Citi comes in. It advised Ontario Teachers on its co-investment in Adnoc Gas Pipeline Assets, a division of Abu Dhabi National Oil Company.