Investment bank revenue up 23% in 2006

Mumbai, Dec 29 | Updated: Dec 30 2006, 05:30am hrs
Investment banking revenues in India rose 23 % in 2006 to $413 million as companies raised record funds and bought other firms, data from Dealogic shows.

Citigroup topped the league table for investment banking revenue with $44 million, while Merrill Lynch slipped to fifth position with $23 million after coming first in 2005.

Equity capital markets continued to be the money-spinner for banks, accounting for 73% of fees, a Dealogic statement said. Initial public offerings surged 186% to $6.9 billion this year with the likes of Reliance Petroleum Ltd , Cairn India Ltd and real estate developer Parsvnath Developers Ltd raising funds.

In mergers and acquisitions advisory, Dutch bank ABN Amro rose to the top from 14th in 2005 with deal value of $16 billion, while Morgan Stanley slipped to 9th position after coming first in 2005.

ABN was adviser to the government on privatisation of Mumbai and New Delhi airports and in Tata Steel Ltds bid for Anglo-Dutch steel-maker Corus Group Plc Announced takeover volumes reached an all-time high of $27.8 billion, up 38 % from the previous year, Dealogic said.