Bank of America ousts Goldman as top Mena M&A adviser

Bank of America was the top M&A financial adviser in the Middle East and Africa during the first half of 2023, according to research from GlobalData.

The US bank advised on two deals worth a combined $9.86 billion in H1. This was more than double the sum recorded by JP Morgan, which took second place in the ranking by deal value.

“Bank of America was just shy of hitting the $10 billion mark in total deal value,” said Aurojyoti Bose, lead analyst at GlobalData.

“It not only led by value but also outpaced its peers by a significant margin. Bank of America also occupied the sixth position by volume.”

Bank of America has risen quickly in the ranking. In the first half of 2022, it was 15th for deal value.

JP Morgan has been beefing up its global presence in recent years, particularly in commercial banking. The New York-based bank is targeting expansion to Israel this year.

Source: Arabian Gulf Business Insight