Citigroup is leading a €2bn ($2.3bn) block trade in KPN, the Dutch telecoms firm, the biggest bought deal in Europe for over three years, which takes the bank to the top of the equity rankings.

The US bank is currently third in the European equity rankings with €1.9bn of league table credit, according to Dealogic, the investment banking research firm. Its role as sole bookrunner on the KPN deal will push Citigroup ahead of number one ranked Goldman Sachs which has raised €3.4bn.