Central and Eastern Europe (CEE) has long been a hub for dynamic financial markets, and in 2025, investment banks in the region are capitalizing on a resurgence of complex, sponsor-backed M&A transactions.
As private equity firms and strategic buyers return amid stabilizing rates, these banks are leading high-value deals and advising on multi-billion-dollar cross-border transactions. From high-profile equity offerings to intricate M&A deals, these institutions are at the forefront of shaping the region’s economic landscape.
2025’s top investment banks in CEE—PKO bank Polski, Bank Pekao, Wood & Co. and Garanti BBVA—each showcased their standout achievements across equity capital markets, M&A, and debt issuance.
Best Investment Bank
PKO Bank Polski
In the equity capital markets, PKO Bank Polski acted as joint global coordinator on Allegro’s largest accelerated book build (ABB) of the year, placing 85 million shares in a 2.5 billion Polish zloty (about $677 million) transaction. The bank also led a second Allegro ABB, placing 40 million shares at 1.2 billion zloty, reinforcing the bank’s ability to clear size under tight execution windows.
On the debt side, PKO issued a landmark €500 million (about $580 million) green bond tranche in June, extending its sustainable-funding curve and earmarking proceeds for eligible green housing loans. The bank also issued 10-year subordinated bonds with a total nominal value of 2 billion zloty under its domestic bond program. PKO also thrived in cross-border strategic finance. In July, its Romanian branch provided funding for Maspex’s acquisition of a controlling stake in Purcari Wineries, a deal valued at approximately 500 million zloty or $136 million.
M&A
Bank Pekao
As private equity sponsors and strategic buyers returned to the CEE market in 2025 amid stabilizing rates and improved visibility into financing,
Bank Pekao focused on complex, sponsor-backed transactions to thrive. The bank acted as exclusive financial adviser to Grupa LERG on three acquisition processes valued at 271 million zloty, 1.7 billion zloty, and 1.55 billion zloty. The mandates required full-scope advisory execution, including valuation, transaction structuring, and negotiations.
The Polish-based giant also played a key part in the cross-border transaction for Packeta Group, one of the largest private equity-backed logistics platforms in the CEE region. The company was sold to funds managed by CVC Capital Partners in a transaction reported at approximately €1 billion (about $1.2 billion), spanning multiple jurisdictions including the Czech Republic, Poland, and Slovakia.
Equities
Wood & Company
It was a year defined by scale, volatility, and the return of sizeable equity issuance across Central and Eastern Europe (CEE). In this environment, WOOD & Co, based in the Czech Republic, thrived across virtually every corner in equity, raising nearly $1.5 billion through IPOs, ABBs, and secondary placements. Among the bank’s largest equity transactions of 2025 was the €403.8 million IPO of Diagnostyka in February, marking one of the largest health care listings in Poland in recent years. The offering was multiple times covered, supported by broad international institutional demand.
In March, WOOD acted as joint bookrunner on CCC S.A.’s €370 million ABB. In April, WOOD led the €173 million primary ABB for Benefit Systems, launched amid heightened market volatility, attracting 72 institutional investors. The bank also played a key role in the €33 million sell-down of Nova Ljubljanska Banka for the European Bank for Reconstruction and Development in September and the €100 million Shopper Park Plus capital increase in November.
Debt
Garanti BBVA
Garanti BBVA issued $500 million of 10.5-year, non-call, 5.5-year tier-2 notes in Turkey at a coupon of 8.25%. The transaction generated approximately $2 billion in orders, representing around fourfold oversubscription, mainly from international institutional investors. In October, Garanti BBVA returned to the market with a second tier-2 issuance of $700 million, also structured as a 10.5-year non-call 5.5-year instrument. The bond attracted roughly $1.8 billion in demand, reflecting sustained investor appetite for Turkish bank capital instruments. In addition, under the bank’s Global Medium-Term Notes program, the bank received regulatory approval in 2025 for $500 million and for €100 million (about $115 million) in additional issuance capacity, alongside a €20 million euro-denominated note maturing in 2026. Garanti BBVA was also active in large-scale corporate debt financings across energy, infrastructure, and industrial sectors. Last year, the bank provided $890 million in new money across 20 transactions, including syndicated facilities and refinancings.
