Mena’s first quarter Investment banking fees climb 11% boosted by M&A deals – The National

Mena’s first quarter Investment banking fees climb 11% boosted by M&A deals – The National

Investment banks have earned a total of $188.8m in fees during the first three months of 2020, Refinitiv says. Fees earned by investment banks operating in the Middle East and North Africa climbed 11 per cent year-on-year in the first quarter of 2020, helped by a triple-digit surge in mergers and acquisitions as well as equity underwriting fees.. Total fees earned until the end of March this year climbed to $188.8 million (Dh692.9m), according to Middle East Investment Banking Review by financial data firm Refinitiv.. Advisory fees earned from completed M&A deals generated $58.4m, up 266 per cent year-on-year and marking the highest first quarter total recorded since 2017.. "The financial and industrial sectors each accounted for 25 per cent of total investment banking fees earned in the region during the first quarter of 2020 and almost half of all fees were generated by companies located in the UAE," according to Refinitiv data.. Investment bank Jefferies earned the most fees during the quarter, a total of $27.8m or a 14.7 per cent share of the total fee pool, it added.. Deal value was down 85 per_cent from the same period in 2019 after Saudi Aramco purchased a 70 per_cent stake