The 'FIG' at an investment bank usually refers to the financial institutions group - a group of professionals that provides investment banking and merger and acquisition expertise to financial institutions. In order to provide more tailored services, some investment banks further segment their areas of expertise under the financial institutions group into a banking or financial services group, and an insurance group. Some investment banks use these sorts of divisions more as a marketing technique than as a representation of real expertise.

Some examples of companies that may represent prospective FIG clients include insurance companies specializing in personal or commercial insurance products, commercial finance companies that provide financial services to businesses, banks, brokerages, investment dealers, and asset and wealth management companies.

The services that the FIGs may provide to clients include, but are not limited to: private and public equity or debt financing, recapitalization, financial restructurings, mergers, acquisitions, corporate valuations, expert financial opinions and corollary analysis and advisory services.

Some other investment banking segments include: health care, industrial, media, telecommunications, mining, energy, retail, technology and real estate, although this is by no means an exhaustive list of the business divisions within which investment banks operate.

For further reading, see IPO Basics Tutorial and The Basics Of Mergers And Acquisitions.

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