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. Citi also advised Vivo, a subsidiary of Vitol, on a merger with Engen, creating one of the continent’s largest fuel retail and distribution companies thanks to the combination of Engen’s South African franchise and Vivo’s footprint outside South Africa.
Citi’s other advisory work included advising Actis on its exit from Nigeria’s Indorama Fertilizer. Earlier in the awards period, it also advised on the sale of South Africa-based pan-African glass packaging producer Consol to Germany’s Ardagh, a deal that was completed in April last year.
