Citi’s India Investment Banking Revenue Nearly Doubles
Citigroup’s investment banking business in India has reported a sharp increase in revenue, with year-to-date investment banking revenue nearly doubling to $52 million from $29 million a year earlier, according to Dealogic data cited by the bank. Citi ranked first in India for investment banking revenue, with its market share increasing to 7% from 4% in 2025.
The bank has helped Indian companies raise nearly $16 billion so far in 2026 and advised on mergers and acquisitions worth $36 billion. Much of the activity has been driven by Indian companies expanding internationally and continued transaction activity in the technology sector.
Citi also ranked first in India’s M&A league table, recording $36.81 billion in announced deal value across 10 transactions, representing a 28% market share. Arpwood Capital followed with $25.05 billion across 19 transactions and a 19% share, while JPMorgan recorded $17.55 billion and a 13% share.
Citi said it expects deal activity to remain strong, supported by Indian companies seeking capital and pursuing international expansion. Despite Citi’s gains, total investment banking revenue represented in the Dealogic table stood at $780 million, compared with $796 million in the corresponding period of 2025.
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