Africa’s best bank for advisory 2023: Citi
Evidence of an ability to leverage networks across Africa and beyond has helped Citi win the title of Africa’s best bank for advisory this year. While the firm has a strong franchise in South Africa, the rest of the continent is now becoming more important as a growth market. This award is therefore largely thanks to the 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’s advisory deals this year included the sale by Actis and Mainstream of Lekala, a wind power producer with operational assets in South Africa and Senegal, to a joint venture between Egypt’s Infinity and the UAE’s Masdar. It was also exclusive adviser to NewGlobe on the African education technology company’s $285 million growth financing round.
In payments, Citi advised Helios Investment Partners on the $110 million private placement for its portfolio company Interswitch, which is focused on Nigeria but is expanding across Africa.