Citigroup sees consumer companies as Africa's hottest M&A space, says Africa Head of Investment Banking Miguel Azevedo

Miguel Azevedo, Head of Investment Banking, Citigroup Africa

Citigroup Inc. said consumer-focused companies are the most active industry for mergers and acquisitions in Africa as trade increases and the continent’s middle class grows.

“People see big trade blocs, increasing incomes and a rise in urbanization,” Miguel Azevedo, head of investment banking in Africa for Citigroup, said Friday in an interview at the World Economic Forum on Africa.

The number of middle-class households in sub-Saharan Africa has tripled since 2010, according to Johannesburg-based Standard Bank Group Ltd. Companies from outside the region that have been left behind in gaining a share of this retail market will have to do deals to catch up, Azevedo said.

Read more: Citigroup Sees Consumer Companies as Africa’s Hottest M&A Space – Bloomberg Business