In investment banking, Citi continues to benefit from the combination of a leading global network and an on the ground presence in Africa that is much bigger than most other international firms.
With a team led by chairman of investment banking for Middle East and Africa, Miguel Azevedo, and Claude-Stephanie Ngningha, Citi’s head of investment banking in Africa outside South Africa and Egypt, Citi demonstrates strengths in M&A – providing both advice and loan financing for the Vivo Energy-Engen merger for example – and in the capital markets.
The bank worked on a $750 million convertible bond for South African energy company Sasol. It led two block trades for Barclays, worth around $1.3 billion, allowing the British bank to exit its stake in South African lender Absa. It was sole global coordinator on a $370 million accelerated offering in South African retail group Pepkor, taking advantage of a narrow market window to allow local investment company Lancaster to offload its stake.