Western European investment banks powered through 2025, dominating IPOs, M&As, and debt deals, driving innovation and record-breaking market growth.
In 2025, Western European investment banks displayed remarkable adaptability, capitalizing on the region’s economic recovery and the surge in market activity.
UBS led the charge in equity capital markets, while Rothschild & Co maintained its dominant position in M&A. BNP Paribas thrived in ECM, securing a leading market share with a diverse range of equity offerings, while HSBC took the lead in debt capital markets.
These top firms demonstrated their unmatched expertise and strategic execution across a variety of sectors and financial products in a year marked by both recovery and innovation.
Best Investment Bank
UBS
UBS rode a year of rebound for Western European investment banking into solid growth across nearly all corners of the business. In 2025, the bank maintained a leading position in accel-erated bookbuilds and rights issues, and equity-linked issuance. It acted as the joint global coordinator on the €808 million IPO of medical technology company Ottobock on the Frankfurt Stock Exchange, the largest German IPO last year, and as joint bookrunner on the £348 million (about $467 million) IPO of Shawbrook in London, the largest domestic UK listing since 2021.
The Swiss giant also led one of the largest convertible transactions in Europe, the Middle East, and Africa (EMEA) during the period and multiple large, accelerated sell-downs, reinforcing its strength across subproducts. These transactions awarded UBS the top position in Western European ECM wallet share and maintained the region’s leading equity-trading market share.
M&A
Rothschild & Co
Rothschild continued to consolidate its undisputed prime position in 2025. During the year, the bank advised on 362 publicly disclosed Western European M&As, representing 75% more deals than the runner-up in the region, Goldman Sachs. Buoyed by 6% year-over-year growth in transactions in the region, the bank’s advised volumes totaled a massive $160 billion. The bank played a key role in the €3.6 billion sale of Eviosys to Sonoco Products Company. It also served as the financial adviser to the largest energy transaction on the Athens Stock Exchange to date, namely Emirati renewable-energy company Masdar’s take-private of Greek renewable energy company Terna Energy with an equity valuation of €2.4 billion, including a €750 million acquisition financing package. In a multifaceted deal that included M&A, ECM, and financing, Rothschild advised Sanofi on the €16 billion sale of a 50% stake in its consumer health unit Opella to CD&R.
Equities
BNP Paribas
French heavyweight BNP Paribas took advantage of the strong year for European equities to post the fastest growth in the category among big banks in the region, closing 2025 with a commanding 8.9% market share in European ECM. The bank underwrote nearly $12 billion across 78 European ECM transactions, with a broad participation in IPOs, follow-ons, ABBs, and equity-linked deals.
Among the bank’s landmark equity deals, BNP Paribas acted as joint global coordinator on Elia Group’s €1.35 billion rights issue. The capital raise was designed to support the company’s large-scale investments in electricity-transmission infrastructure and energy-transition projects across Belgium and Germany. The bank also served as joint global coordinator and bookrunner, alongside Deutsche Numis, on telecommunications company Liberty Global’s sale of approximately £135 million of ITV shares via ABB. In December, BNP Paribas led an ABB process for BNP Paribas Bank Polska, placing roughly 1.1 billion zloty of shares with institutional investors.
Debt
HSBC
In a year in which international and cross-border issuances dominated Western European DCM market growth, HSBC managed to lock in a solid 4.9% market share for the region. With more than $150 billion in EMEA issuances in 2025 alone, the London-based firm thrived across several market segments, including international, subordinated, and financial institution bonds, where the bank notched cornerstone transactions. Among these transactions, HSBC acted as sole structuring agent and joint lead manager on a €1.25 billion tier-2 subordinated bond issued by Munich Re, one of the world’s largest reinsurance companies. The issuance was placed with institutional investors and structured as a long-dated subordinated security.
The bank also acted as joint lead manager on Webuild’s €450 million six-year senior unsecured bond. The Italian infrastructure group used the proceeds to refinance existing liabilities and extend its maturity profile. The firm marketed the transaction to European institutional investors and formed part of Webuild’s broader liability management strategy, underscoring HSBC’s role in continental benchmark corporate issuance. HSBC served as joint global coordinator and bookrunner on media group Future’s £300 million (about $400 million) five-year senior unsecured bond in July 2025. The sterling-denominated deal was structured to refinance bank debt and diversify funding sources.
