Investment banks in Central and Eastern Europe (CEE) are poised to capitalize on a revival of complex sponsor-backed mergers and acquisitions (M&A) as the year 2025 unfolds. The region has long served as a vibrant marketplace for financial activities, and with private equity firms and strategic buyers re-entering the scene as interest rates stabilize, activity in high-value deals is on the rise.
Leading banks are at the forefront of significant transactions, providing advisory services for multi-billion-dollar cross-border deals. The foremost investment banks in CEE for 2025—PKO Bank Polski, Bank Pekao, Wood & Co., and Garanti BBVA—have demonstrated their prowess across equity capital markets, M&A, and debt issuance through notable achievements.
PKO Bank Polski has distinguished itself as Best Investment Bank for 2025. The bank served as the joint global coordinator for Allegro’s largest accelerated book build (ABB) of the year, successfully placing 85 million shares in a transaction valued at 2.5 billion Polish zloty (approximately $677 million). PKO also led another substantial ABB for Allegro, placing 40 million shares for 1.2 billion zloty, showcasing its capacity to execute substantial deals within narrow timeframes.
In June, PKO made a significant move in the debt market with the issuance of a €500 million (approximately $580 million) green bond tranche. This issuance bolstered its sustainable funding initiatives, directing proceeds toward eligible green housing loans. Additionally, the bank issued 10-year subordinated bonds totaling 2 billion zloty under its domestic bond program and played a vital role in cross-border financing, providing support for Maspex’s acquisition of a controlling stake in Purcari Wineries for about 500 million zloty or $136 million.
Bank Pekao has emerged a leader in M&A by focusing on complex, sponsor-backed transactions. The bank acted as the exclusive financial adviser to Grupa LERG on three acquisitions valued at 271 million zloty, 1.7 billion zloty, and 1.55 billion zloty, a process requiring comprehensive advisory work, including valuation and transaction structuring.
Furthermore, Bank Pekao facilitated a notable cross-border transaction, advising on Packeta Group’s sale to funds managed by CVC Capital Partners, marking a transaction valued at approximately €1 billion (around $1.2 billion) and spanning multiple countries including the Czech Republic, Poland, and Slovakia.
Wood & Co., operating from the Czech Republic, experienced substantial success in equity markets amid increased volatility and the revival of significant equity issuance in 2025. The firm raised nearly $1.5 billion through initial public offerings (IPOs), ABBs, and secondary placements. Among their highlights was the €403.8 million IPO of Diagnostyka in February, which stood out as one of Poland’s largest healthcare listings in recent years.
Further showcasing its capabilities, WOOD acted as joint bookrunner for CCC S.A.’s €370 million ABB in March, and led a €173 million primary ABB for Benefit Systems in April that attracted 72 institutional investors despite turbulent market conditions. The bank also participated in the €33 million sell-down of Nova Ljubljanska Banka for the European Bank for Reconstruction and Development in September and a €100 million capital increase for Shopper Park Plus in November.
Garanti BBVA successfully issued $500 million of tier-2 notes in Turkey with a 10.5-year maturity and an 8.25% coupon, attracting orders amounting to approximately $2 billion, marking a fourfold oversubscription predominantly from international institutional investors. In October, the bank returned to the market with a second issuance of $700 million in tier-2 notes, which also drew substantial demand, signaling continued investor interest in Turkish bank capital instruments.
Under its Global Medium-Term Notes program, Garanti BBVA gained regulatory endorsement for additional issuance capacity including $500 million and €100 million (approximately $115 million) in 2025, alongside a €20 million euro-denominated note maturing in 2026. The bank also engaged in substantial corporate debt financings across various sectors, providing $890 million in new financing over 20 transactions, covering syndicated facilities and refinancings.