Citigroup’s role on some of Germany’s largest flotations this year means that Deutsche Bank could find itself facing a surprising new rival when it comes to local initial public offerings.

The US bank, which ranked sixth by value of German IPOs worked on this time a year ago, has now leapfrogged Deutsche to the top of Germany's IPO league tables, having worked on $1 billion of the $7.7 billion worth of deals that have taken place so far this year.