Citigroup ascends league table as M&A drives fees in Middle East

Dubai

CITIGROUP Inc is scaling the league table for investment banking fees in the Middle East after finishing 13th behind competitors including Qatar National Bank SAQ and Abu Dhabi Islamic Bank PJSC last year.

The US bank more than quadrpled income in the region to US$27.5 million in the first five months of this year, from US $5.7 million a year earlier, data compiled by Freeman & Co. shows. That's helped drive it back to second spot, trailing only HSBC Holdings Plc, according to the New York-based research firm.