Citigroup is no longer India’s top investment banker.
A local firm that ended a partnership with Morgan Stanley more than eight years ago became No. 1 in 2015, marking the decline of foreign advisers who’ve led the market for more than a decade.
Bloomberg News reports that after topping the M&A league table in the prior two years, the lender tumbled down to the fourth position, dislodged by JM Financial and Axis Capital. The firms captured a combined 68% of the market in 2015 as deals surged to a five-year high, thanks to firms scrambling to cut debt by paring assets.
India-based investment banks have been honing their skills in forging mergers and acquisition deals at a time their overseas rivals have either closed their businesses in the South Asian country or have been cutting senior positions. Royal Bank of Scotland shut down its India advisory unit, while Morgan Stanley, UBS and Bank of America scaled back their operations in the last five years.
“We are like the Goldman Sachs of India,” Vishal Kampani, managing director of JM Financial, said in an interview earlier this month. “Having a team which saw almost no churn for 15 years helped us institutionalize relationships and gives bandwidth to deliver on complex deals on the ground unlike foreign players.”
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