Latin America’s investment banking landscape has displayed remarkable resilience in 2025, characterized by unprecedented M&A activity, thriving equity offerings, and significant debt transactions.
Despite the ongoing challenges within the region, Latin America continues to attract foreign investments, particularly in sectors like renewable energy, technology, and infrastructure. Incentives such as economic reforms, privatization efforts, and regulatory enhancements have played a role in facilitating these investment flows.
BTG Pactual has retained its status as the region’s premier bank, while Itaú BBA has effectively leveraged the equities revival, capturing a substantial market share through leading initial public offerings (IPOs). Additionally, Bradesco BBI excelled in debt issuance, overseeing major corporate debentures and sovereign bonds while maintaining robust cross-border market participation.
Highlighted below are the leading firms shaping the investment banking sector in Latin America and influencing its financial future.
Best Investment Bank
BTG Pactual
Recognized as the leading investment bank in Latin America, BTG Pactual dominated the M&A landscape with $15 billion in deal volume and led the equity capital markets (ECM) with $2 billion in transactions. In the debt capital markets (DCM), the Brazilian bank issued over $159 billion in 2025, including a significant $2.6 billion merger between BRF (formerly Brasil Foods) and Marfrig, marking the year’s largest transaction in the region.
In the equity sector, BTG Pactual played a key role in a R$10.5 billion (approx. $2 billion) capital raise for Cosan, a Brazilian firm involved in various sectors including energy and agribusiness.
M&A
With industry consolidation trends intertwining with persistently high interest rates, M&A activity was robust among firms capable of executing complex transactions expertly. BTG Pactual once again emerged as the premier M&A advisory firm in Latin America, boasting over $15 billion in deal volume for 2025.
Signature deals included the approximately $4 billion merger of BRF and Marfrig, a noteworthy transaction in Brazil’s food sector. The bank was also the financial adviser for Paper Excellence’s sale of its stake in Eldorado Brasil Celulose, valued at about R$15 billion (approx. $2.8 billion). Further, BTG facilitated the take-private of Serena Energia, worth around $2.8 billion, and acted as the exclusive adviser for Equatorial Energia in the divestment of its power-transmission portfolio for R$9.4 billion.
Equities
Itaú BBA
Through a strategic blend of innovation and strong market presence, Itaú BBA successfully capitalized on the recovery in the Latin American equity market. The bank concluded the year with a commanding 24% market share in the region’s ECM deals, and 56% in its home market.
Significant transactions included the landmark $196 million IPO for Aura Minerals, which bolstered the company’s operational footprint in Brazil, and a R$1.2 billion (about $226 million) secondary offering for Caixa Seguridade, a move aimed at improving its regulatory classification.
Debt
Bradesco BBI
Amidst a persistently high-interest-rate environment, Bradesco BBI adeptly navigated the debt landscape, encouraging corporates to pursue high-yield fixed-income instruments. The bank facilitated Vale’s local debenture issuance as the lead bookrunner, playing a vital role in one of Brazil’s most significant capital raises of the year.
Bradesco also led the Ecovias Rio Minas debenture offering, recognized as one of the year’s largest corporate transactions. In the structured credit space, the bank participated in the CloudWalk FIDC issuance, and was the bookrunner on a R$3.1 billion (about $591 million) FIDC issuance in April 2025. Additionally, Bradesco played a pivotal role in international cross-border bond offerings, acting as bookrunner on Brazil’s new 10-year, $2.5 billion dollar-denominated sovereign benchmark bond.