The world’s largest investment banks will earn more dealmaking fees in India this year than in China, a first that financiers describe as a historic reorientation as they diversify away from a decoupling Chinese economy, reports the Financial Times. Foreign banks have pulled in $231 million in mergers and acquisitions fees from India so far this year, according to Dealogic, beating the $204 million earned in China over the same period.
JPMorgan is among those that will earn more from M&A in India than in China this year for the first time, according to two people with knowledge of the bank’s position. JPMorgan declined to comment.
Revenue from Chinese equity and bond markets, long one of the biggest sources of fees for US and European finance houses in Asia, has fallen in 2022 as mainland China sealed itself off during the pandemic and increasingly favoured local banks.