The latest rankings for Asia-Pacific’s leading investment banks highlight the region’s emerging role in global banking dynamics.
Investment banking in Asia-Pacific showcases a landscape characterized by significant scale, sophistication, and increasing competition in capital markets.
Regional leaders are harnessing strong deal flow in areas such as mergers and acquisitions (M&A) and equities while simultaneously enhancing their debt financing and advisory services.
Among the top institutions recognized are the Industrial and Commercial Bank of China (ICBC), DBS Bank, Morgan Stanley, and J.P. Morgan, all of which are executing major transactions and affirming their dominance in the region.
This year’s achievements reflect a broader recovery in Asia-Pacific capital markets, driven by robust IPO activity, cross-border mergers, and evolving financing methods.
Best Investment Bank
The Industrial and Commercial Bank of China (ICBC) recorded an operating income of 835.4 billion yuan (approximately $121 billion) last year, with a net profit of 368.3 billion yuan, which represents year-on-year increases of 2% and 1%, respectively.
Headquartered in Beijing, ICBC led China’s market in merger financing, bond underwriting, and restructuring advisory. It reported M&A loans exceeding 102.2 billion yuan and bond underwriting totaling over 1.7 trillion yuan, capturing nearly 10% of the market share. ICBC also excelled in market-oriented debt-to-equity swaps and completed more than 230 Hong Kong IPOs, accumulating nearly $210 billion in underwriting volume.
M&A
DBS Bank continued to advance as a leading provider of M&A solutions in 2025, handling both domestic and cross-border deals in the Asia-Pacific. A standout achievement was the collaboration between DBS Strategic Advisory HK and DBS Securities in facilitating Haitong Securities’ merger with Guotai Junan Securities (GTJA), marking the largest brokerage deal in China’s history.
The bank also advised Singaporean firms transitioning to the new economy through M&A, exemplified by Keppel’s sale of subsidiary M1 to Simba Telecom for an enterprise value of 1.43 billion Singapore dollars (approximately $1.1 billion). Additionally, DBS supported state-owned energy company Sembcorp’s shift away from fossil fuels towards green energy solutions.
Equities
Morgan Stanley secured its position as the leading arranger of equity capital market transactions in the Asia-Pacific region for the second consecutive year, achieving a market share of nearly 10%—significantly ahead of Goldman Sachs. The firm facilitated $27.9 billion in IPOs, primary placements, block trades, and convertible bonds, nearly $9 billion more than its nearest competitor.
The bank’s 10% market share ranks among the highest for any investment bank in the past decade. Morgan Stanley was instrumental in several multibillion-dollar deals during a year marked by a record number of IPOs in Hong Kong and India.
Four of the five largest share-sale venues in 2025 were located in Asia, including Hong Kong, India, mainland China, and Japan. Despite missing out on Asia’s two largest deals earlier in the year and initially trailing Goldman Sachs, Morgan Stanley regained its lead with a $3.4 billion block trade in AIA Group Ltd. and arranged Ping An Insurance’s HK$11.8 billion ($1.5 billion) convertible bond in June.
This rebound in health-care share sales, following a three-year slump in Hong Kong, also benefited Morgan Stanley, allowing it to capture a 37% market share in the sector with numerous sole offerings, including those involving WuXi XDC Cayman Inc.
Debt
J.P. Morgan established itself as a leader in the Asia-Pacific debt capital market, emerging as the region’s top earner in fees. The firm excels in capital market activities, especially in debt issuance.
With a long-term strategy that includes expanding private credit and debt financing targeted at midsize businesses, J.P. Morgan has solidified its reputation as a prominent debt-investment bank in the area. Additionally, it received recognition from Coalition Greenwich as a leading provider of cash management services in Asia, earning multiple excellence awards.