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US banks lead pack for M&A advice in Middle East

By Matt Smith
Signage at Bank of America Tower in Manhattan. It topped the GlobalData list Reuters/Andrew Kelly
Signage at Bank of America Tower in Manhattan. It topped the GlobalData list
  • Bank of America advised on $9.9bn of deals
  • JP Morgan and Citi also in top 3
  • Rothschild & Co worked on 7 deals

US banks have been the top advisers for mergers and acquisitions in the Middle East and Africa this year, research has found.

Bank of America advised on deals with a combined value of $9.9 billion in the first nine months of 2023, followed by JP Morgan at $7.6 billion and Citi at $6.3 billion.

“Bank of America registered a massive jump in the total value of deals” in January to September 2023, compared to the same period in 2022, said Aurojyoti Bose, a lead analyst at GlobalData.

Aream & Co, a London-based investment bank that specialises in technology, came fourth thanks to advising on a single $4.9 billion deal.

Another London-headquartered bank, Rothschild & Co, made it into the top 10 by value at No 9 – and was No 1 in GlobalData's ranking for number of merger advice deals in the first nine months of the year. It advised on seven agreements.

Next came India’s Java Capital, Ernst & Young, Australia’s Macquarie and South Africa’s Standard Bank Group, which each worked on four deals.

Five banks advised on three deals each: Bank of America, Lazard, GIB Capital, FTI Capital Advisors (DIFC) and Nedbank Group.

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