Citi’s performance in emerging markets investment banking last year is a strong validation of its geographical presence. When capital markets activity is down in certain regions – the Americas and Europe this year – Citi can focus elsewhere, such as the Middle East, where deal flow has remained resilient and where the bank saw the results of years of patient relationship building with the region’s authorities and corporates.
“We’re surfing a big wave right now in the Middle East, and this deal flow is credit to the leadership in the Middle East in setting up the ecosystem in a manner that is conducive to deal making,” says Hamza Girach, co-head of emerging markets in the banking, capital markets and advisory division in Europe, Middle East and Africa.
While Girach credits the Saudi-led transformation of the region for activity levels, Citi is also reaping more than its share of deals.
“Citi has been sowing the seeds in the region for multiple decades, primarily to establish on-the-ground presence and long-term relationships with the biggest government-backed entities,” he says.