World’s Best Investment Banks 2025: Regional Winners

The global mergers and acquistions (M&A) market might not have fulfilled every dealmaker’s fantasy of a roaring comeback in 2024. Still, every major region posted double-digit gains despite being tossed about by waves of geopolitical uncertainty.

Among the largest deals that were announced: Capital One Financial Corporation’s $35.3 billion purchase of Discover Financial Services, Synopsys’ $35 billion takeover of Ansys, and Mars’ $35.9 billion acquisition of Kellanova.

Resilience, coupled with some slightly sunnier macroeconomic conditions, suggests that M&As and initial public offerings (IPOs) in 2025 could maintain momentum—despite certain aspects of corporate finance currently being on the downtrend.

At last check, global M&A is down 7% in 2025 compared to 2024; in the US, it’s down 32%.

IPOs, however, are enjoying a surge. They’re up 44% across the globe, 144% in the US, 137% in Japan, and 255% in the Middle East and Africa. In Europe, IPOs are down 19%. The top five IPOs by valuation in 2024 were Lineage on the Nasdaq ($5.1 billion), Hyundai Motor India in Bombay ($3.3 billion), Puig Brands in Madrid ($2.9 billion), Galderma Group in Switzerland ($2.6 billion), and CVC Capital Partners in Amsterdam ($2.5 billion).           —Anthony Noto

Dealmaking in Africa has rebounded, due to declining interest rates and inflation. A positive outlook for company earnings and a stronger consumer are also contributing to the trend. The pace should pick up further as African sovereigns refinance $20 billion of maturing eurobonds in the immediate future. “Deal activity will continue, owing to increased confidence and stable macroeconomics,” says Robert Leon, co-head of Rand Merchant Bank (RMB) Investment Banking. RMB has been a prominent player in this exciting environment, thanks to its relentless focus, deep sector insights, best-in-class structuring capabilities, and global reach.

The listed bond market is one place where RMB dominates, having arranged $1.9 billion in bonds across over 30 issuances. The majority were in sustainable finance, where the bank has committed to facilitate $10.9 billion of sustainable and transition financings by 2026. Having posted $730 million in normalized profit before tax in 2024, RMB remains upbeat. Its huge portfolio of deals in Africa includes the $1.2 billion Chappal Energies acquisition of Equinor Nigeria and the R8.5 billion (about $464 million) IPO for discount grocery retailer Boxer. 

—John Njiraini

DBS, Singapore’s largest bank, reported an inpressive 2024, with an 11% increase in net profit and 18% return on equity. Unlike most organizations in which executives and senior managers are granted significant bonuses in successful years, DBS established a one-time bonus plan for all staff, not including senior managers. Also in 2024, DBS demonstrated its commitment to corporate social responsibility by setting aside a significant portion of profits to support vulnerable communities.

The bank also increased its dividend payout this year to S$6.3 billion (about $4.7 billion). That’s up 27% from 2023. Additionally, the bank announced an S$3 billion share-buyback program as a broad initiative to return excess capital to shareholders over the next three years. According to the departing CEO Piyush Gupta, DBS will keep increasing the dividend by six cents per Singapore dollar in each coming year.

Part of DBS’s success last year came from wealth transfer in Asia between the first and second generations. With its strong products, service, and reputation in business, commercial, and corporate banking, DBS looks to keep developing its investment bank to serve next-generation clients’ investment needs and preferences.      

—Lyndsey Zhang

It was a notable year for investment banking in Central and Eastern Europe, with investment volumes jumping by around 70% year over year, Colliers reports. Against this thriving backdrop, Bank Pekao found itself perfectly positioned to leverage its superior offerings in the debt, loan, and equity businesses, pushing the bank to a record-breaking near-$3 billion in revenue for the full year of 2024. In the debt business, the bank posted a commanding 40% of Polish market transactions, having participated in the arrangement and placement of all the major bond deals in the local market, including all benchmark transactions for key domestic corporates. The bank also thrived in M&A and fundraising, serving as a sell-side adviser to Kodano in its acquisition by the Vinci Da Gama Fund. The bank now eyes further expansion in the region, with Lithuania as the primary target.    —Thomas Monteiro

The largest investment bank in Latin America, BTG Pactual, did not slow down in 2024 despite the volatile year in its home country, Brazil. With continued improvements in the bank’s already-leading global offering for local investors, the investment banking division notched a massive $420 billion in revenue for the full year of 2024—a fantastic 30% increase over the year prior. BTG also ranked first in the region in terms of both number and volume of deals for M&A and investment banking revenue, maintaining its leading position in the region’s highly competitive risk-investment segment.

Among the bank’s main transactions during the year, BTG was the sole adviser of the sale on international shipping line MSC of the Brazilian shipping company and port operator Wilson Sons for 4.35 billion Brazilian reais (about $749 million). The bank also acted as a key adviser to the majority shareholders in the $400 million Brooksfield deal with shopping mall chain Iguatemi. —TM

Our winner is the investment arm of Emirates NBD Bank, a leading bank in the Middle East and a top performer in several investment-banking sectors. In 2024, NBD ranked eighth in the Middle East and Africa for debt capital markets and fifth for IPOs, according to Dealogic. The bank has strong regional knowledge, offering Shariah-compliant products and also products catering to traditional banking. NBD arranged more than $90 billion in financing across more than 94 deals in 2024 through its loan syndication.

Notable transactions included a $284 million dual-currency commodity-murabaha and Shariah-compliant syndicated facility for DenizBank to finance and refinance general trade. A $1 billion offering for MDGH Sukuk was a landmark transaction within the United Arab Emirates’ sukuk market, leveraging an Islamic structure with Shariah-compliant shares.

The bank also participated in some of the largest IPOs in global markets. These included offerings for food-delivery company Talabat, market operator Lulu Retail, and premium supermarket franchisee Spinneys, as well as the privatization of parking services provider Parkin.            —Andrea Murad

It was a challenging year for global M&A. Interest rate cuts by the US Federal Reserve and the European Central Bank were fewer than expected due to still-persistent inflation, dampening projections of a larger rebound. Goldman Sachs did its part and secured all the most important deals of the year globally—especially in North America. In the US, Goldman was the top adviser, with $653.8 billion in deal value across 253 transactions. The New York–based firm saw its global deal volumes soar to above $1 trillion, representing a commanding 29.3% share of the global market and more than $3 billion in revenue from proceeds, as per Dealogic data.

Among the biggest deals of the year, Goldman played a key role in the $2.8 billion sale of Mexico-based Terrafina, a REIT, to Fibra Prologis, for which the bank served as lead financial adviser on the sell side. In the $18.25 billion Home Depot acquisition of SRS Distribution, the bank also acted as a sell-side financial adviser. In IPOs, Goldman was the bookrunner on 20 mandates, including Amer Sports ($1.4 billion), Rubrik ($752 million), and Reddit ($750 million).        —TM

UBS continued to make significant strides in every part of the investment banking spectrum in 2024. The Swiss powerhouse recorded a massive $600 million in proceeds from its investment banking operation in Western Europe alone, with significant expansion in equity capital markets, M&A, and IPOs.

Among the main deals of the year in the region, UBS also acted as sole financial adviser to Sainsbury’s on the sale of its core banking business to NatWest Group. Assets acquired included £1.4 billion in unsecured personal loans, £1.1 billion  in credit card balances, and about £2.6 billion of customer deposits.” That adds up to £5.1 billion (about $6.6 billion). UBS also was the acting financial adviser to huge Spanish bank BBVA in its €12.2 billion (about $13.2 billion) takeover run at Banco Sabadell. The deal remains in the hands of the Spanish antitrust authority.

Looking to 2025, UBS aims to continue its expansion with an even greater focus on Europe, the Middle East, and Africa (EMEA).

“We are growing, selectively hiring, and gaining market share in key strategic areas as part of our accelerated strategy,” says Nestor Paz-Galindo, the bank’s head of global banking for EMEA.         —TM