These standout investment banks exemplify the dynamism and growing global relevance of Africa’s financial ecosystem.
Africa’s investment banking landscape in 2026 reflects a market that is both maturing and expanding, with institutions deepening their regional reach while navigating uneven economic conditions.
From robust M&A pipelines to a resurgence in equities activity and gradual development in debt markets, leading banks are demonstrating resilience and adaptability across the continent. This year’s winners for the region — Rand Merchant Bank, Standard Chartered, Chapel Hill Denham, and Absa Bank — are setting the pace, executing landmark transactions while strengthening cross-border capabilities.
Their performance underscores a broader shift toward more sophisticated capital markets, even as structural challenges persist.
Best Investment Bank
Rand Merchant Bank
In 2025, Rand Merchant Bank (RMB) posted $939.2 million in normalized profits before tax and a 20.7% return on equity. In South Africa, the firm commanded a 16% market share in M&A, with 24 deals valued at $4.6 billion. Among the bank’s landmark deals was advising Aspen Pharmacare on the disposal of its Asia-Pacific assets (excluding China) to Australia’s BGH Capital for nearly 2.4 billion Australian dollars (about US$1.6 billion). Markets outside South Africa accounted for 21% of profits. In Tanzania, RMB arranged a $300 million syndicated loan to finance infrastructure projects. Meanwhile in Ghana, a $500 million financing package for Asante Gold to scale production.
M&A
Standard Chartered
In recent years, Standard Chartered has been reorganizing its business in Africa. The objective is to focus on higher-growth markets and the bank’s core competence in corporate and investment banking. By taking this route, the bank aims to ensure it remains a leader in Africa’s dealmaking, particularly in M&A. Over the past 15 years, Standard Chartered has built a long track record of advising on cross-border deals across various sectors such as oil and gas, chemicals, metals and mining, health care, and financial services. Over that period, the bank has advised on transactions with a combined value of over $50 billion, deploying expertise in buy-side/sell-side, capital raise, valuation, fairness opinion, and defense advisory, and others.
The trend was maintained last year with landmark deals. Among them was advising West China Cement on the acquisition of Heidelberg Materials’ operations in the Democratic Republic of Congo, a deal worth $120 million and the bank’s third cement transaction in Africa in 18 months. Standard Chartered also advised Norwegian state-owned fund Norfund in its $86 million equity investment, shared with pension fund KLP, in Anthem, a new renewable-energy firm based in South Africa.
Equities
Chapel Hill Denham
The Nigerian equities market is experiencing an unprecedented surge in activity, putting it ahead of the pack in Africa. A key factor is the comeback by foreign investors, encouraged by stabilizing macroeconomic conditions, specifically foreign exchange reforms. Last year, foreign transactions at the Nigerian Exchange surged by 211% to more than 2.6 trillion Nigerian naira (over $1.8 billion), up from 852 billion naira in 2024. Chapel Hill Denham remains a key intermediary in orchestrating market activity as the issuing house for the most significant transactions. Riding on Chapel Hill’s deep sector expertise and strong investor engagement, the firm was involved in $553.4 million in deals in 2025.
The firm not only remained the preferred partner for banks pursuing recapitalization ahead of the March 31, 2026, central bank deadline for banks to meet new capital requirements of 500 billion naira but also cemented its position in Nigeria’s real estate investment trust market. Among Chapel Hill’s major transactions was that of GTBank’s holding company, GTCO, which raised $105.5 million in an offering and then listed shares on the London Stock Exchange (LSE). The transaction was fundamental, being the first listing on the LSE by a Nigerian lender.
Debt
Absa
Africa’s corporate debt markets remain underdeveloped. According to the Organisation for Economic Co-operation and Development, just four economies account for 61% of outstanding corporate debt, largely concentrated among a handful of issuers with access to long-term funding. Issuance is heavily reliant on foreign investors and mostly dollar denominated, while corporate debt sits below 15% of GDP in most countries—far behind the 52% global average.
Despite this reality, Absa Bank has been at the forefront of changing the narrative. With on-the-ground coverage across 15 markets, the bank is an active player in helping companies raise capital even when markets are volatile. Last year, following President Trump’s tariffs, Absa facilitated Ecobank Transnational Inc. (ETI) in tapping international markets with a $125 million eurobond. The transaction was instrumental on many fronts. These included enabling ETI to refinance upcoming debt maturities. Absa also oversaw the execution of a $500 million bond for Bidvest Group.
