World’s Best Investment Banks 2024—Global Winners

Best Investment Bank | J.P. Morgan

With a highly skilled team of investment bankers, J.P. Morgan remains undeterred in the face of geopolitical turmoil to provide exceptional investment banking solutions. In 2023, when according to Dealogic, global investment banking fees for the industry fell 16% to $66.5 billion, J.P. Morgan was able to retain its top position in global investment banking revenue, capturing an 8.7% revenue market share. Regionally, the bank retained the top spot in Europe, the Middle East, and Africa. In the Asia-Pacific region, apart from Japan, the bank rose to be top fee earner from the fourth position, year-over-year, with improved performance in Southeast Asia, South Korea, India, Malaysia, Singapore, and Australasia. This success is the result of a deep and talented team of bankers. J.P. Morgan recognizes the importance of developing its staff by rotating senior management to broaden their roles. The firm recently announced new and increased responsibilities for some key executives to position the investment bank for future success and growth. —David Sanders

Best Bank for IPOs | CITIC Securities

In the 2010s, CITIC Securities (CITICS) became China’s first securities company dual listed on the Shanghai and Hong Kong stock exchanges. CITICS operates in 13 countries and has a diversified client base of over 4,500 worldwide. CITICS’ client-focused investment banking service covers a full scope of products, including domestic and overseas equity, bonds, asset-backed securities, and M&A. Since 2022, CITICS has been ranked the world’s No. 1 bank for initial public offerings (IPOs). In 2023, CITICS had top IPO deals across different continents and regions, including North America, Asia, East Europe, and the Middle East region. CITICS remains in a leading position in A-share equity financing and the Chinese domestic M&A market, and it has been ranked first in global equity financing of Chinese issuers in the past five years. While continuously growing its offshore bonds and international M&A financial service, CITICS also actively expands its service into other areas, such as wealth management, equity pledge, family trust investment adviser, and full cycle asset allocation consulting service. —Lyndsey Zhang

Best In Emerging Markets | Emirates NBD Capital

In a year when many emerging markets saw financial conditions improving on the back of subsiding global inflation, Emirates NBD Capital took advantage of its penetration across diverse markets to post very solid growth across all investment banking offerings. Focusing on markets such as its Middle East and North Africa home region, as well as Turkey, India, Pakistan, the Maldives, China, and Indonesia, the Islamic powerhouse bank secured an aggregate closing of $50 billion in 77 transactions across the equity and debt markets during the fiscal year, showing substantial growth. Notably, the bank dominated capital market debt issuances among regional players, closing a remarkable $39 billion in transaction value through regular and Shariah-compliant bond instruments (sukuk), underscoring Emirates’ strategic commitment to diverse markets. In equity, the giant raised more than $11 billion, exemplifying its versatility in IPOs, rights issues, and sell-down mandates. —Thomas Monteiro

Best In Frontier Markets | Standard Chartered

When operating and investing in frontier countries, Standard Chartered is invaluable as a strategic partner to lead clients in navigating the inherent complexities of these markets. Significant challenges exist with less advanced capital markets, related to liquidity, currency volatility, the regulatory framework, and political instability. In what are considered high-barrier markets for many participants—in Asia, Africa, and the Middle East—Standard Chartered is a trusted advocate providing local expertise to domestic and multinational clients, with bespoke financing solutions, and with risk mitigation and hedging strategies. This is achieved mainly through credit products including bonds, loans, and structured financings that also support environmental, social, and governance (ESG) initiatives with sustainability-linked products. The bank’s capabilities are backed by 120 industry specialists in five global hubs, offering leading industry expertise across key sectors including power, utilities and infrastructure, oil and gas, technology, real estate, clean energy, and metals and mining. By executing complex transactions, the bank performs a critical role in the development of each country it serves, assisting both domestic and multinational clients in their financing needs. It also identifies global investors to increase foreign direct investment to advance these frontier economies. —DS

Best Investment Bank In Sustainable Financing | Societe Generale

In 2023, the global leader of sustainable financing, Societe Generale (SocGen), supported key projects across all green energy sources, such as solar, wind, geothermal, and hydropower, with a particular focus on developing the first two. These make up roughly 95% of the bank’s financial commitments in renewable energy. One of SocGen’s top accomplishments in the year is the bank’s key part in the first closing of the Afrigreen debt impact fund to boost solar energy in Africa, raising €87.5 million (about $95 million) toward the fund’s €100 million target. The French powerhouse also acted as a leading adviser in crucial deals for the industry, such as the Net Zero Teesside partnership with Northern Endurance to create the UK’s first decarbonized industrial cluster. SocGen also arranged financing of 4.4 billion euros for Poland’s first offshore wind farm. And the bank focused on the “S” part of ESG with the structuring of the world’s first corporate-backed development impact bond issued by Unilever and the SDG Outcomes Fund to foster development in Nigeria. —TM

Best Multilateral Financial Institution | EBRD

In the face of ongoing conflicts and environmental disasters, such as the 2023 earthquakes in Turkey and Morocco, the European Bank for Reconstruction and Development (EBRD) played a crucial role in providing relief to local businesses and populations through financial access and targeted investing. The multilateral institution deployed a record €2.1 billion in Ukraine in 2023, following a €1.7 billion total in 2022. These numbers helped solidify its position as Ukraine’s largest institutional investor amid the conflict. EBRD also took the front line when tragedy struck Turkey early last year, providing another record-breaking €2.5 billion to the country, including €1.5 billion in the event’s immediate aftermath. The bank’s incredible efforts in 2023 also extended beyond relief initiatives. During the year, EBRD invested €20 million in Bank Pekao’s debut eurobonds, marking a significant step toward supporting long-term positive change with the issuance of the bank’s first green bond. —TM

Best Bank for Client-Facing Technology | Emirates NBD Capital

Emirates NBD Capital takes home our Best Bank for Client-Facing Technology title for relentless commitment to providing unparalleled convenience and accessibility to corporate investors via its best-in-breed platforms. Among the several capabilities offered, the Islamic powerhouse innovated with its flagship IPO portal—a fully digital platform that facilitates investor participation ahead of upcoming listings on the Dubai market. Available via a subscription model, the portal has allowed Emirates to catalyze some of the most important IPOs to emerge from the United Arab Emirates and regions in the last two years. Not satisfied with this success, the bank hasn’t stopped moving into new endeavors. Recently, it made a strategic investment in trade finance tech company Komgo, further expanding the bank’s treasury, credit, and trade finance offerings. “We recognize how the fast-changing fintech landscape impacts our industry, and we will continue to find and support the next generation of technologies that will help us shape the future of finance,” explains Ahmed Al Qassim, group head of Wholesale Banking at Emirates NBD. —TM

Best Bank for New Financial Products | Banco BTG Pactual

Our winner for the third consecutive year, Banco BTG Pactual hasn’t let the challenging macroeconomic environment of higher interest rates and globally dwindling investment banking activity stand in the way of innovation. The Brazil-based giant kept on pushing the limits of the industry. In 2023, in partnership with Crypto.com, the bank launched the BTG DOL, theworld’s first dollar-backed stablecoin from a bank. The initiative has allowed its customers to diversify into cryptocurrency with the security of BTG’s reserves behind it. The bank also broadened its already outstanding lineup of local-market products, with more options in fixed-income and agriculture. Furthermore, BTG opened its first set of internationally diversified accounts, allowing its local-market customer base to invest in global products such as US-based ETFs, REITs, and ADRs. Moreover, the Brazilian powerhouse acquired Luxembourg-based FIS Privatbank, boosting BTG’s capability to offer its products and services to customers looking to diversify into the European continent. —TM

Global Winners
Best Investment Bank	J.P. Morgan
Best Investment Bank for Infrastructure Finance	Banco BTG Pactual
Best Equity Bank	BofA Securities
Best Debt Bank	BofA Securities
Best M&A Bank	Goldman Sachs
Best Bank for IPOs	CITIC Securities
Best in Emerging Markets	Emirates NBD Capital
Best in Frontier Markets	Standard Chartered
Best Investment Bank for Sustainable Financing	Societe Generale
Best Multilateral Finance Institution	EBRD
Best Bank for Client-Facing Technology	Emirates NBD Capital
Best Bank for New Financial Products	Banco BTG Pactual