The investment banking sector has demonstrated significant evolution, with leading firms making substantial strides in various global categories throughout 2025. These institutions excelled in numerous areas, from initial public offerings (IPOs) to sustainable finance, showcasing their capabilities and innovative approaches in a rapidly changing market.
In 2025, industry leaders maintained their dominance by capitalizing on their extensive expertise and relationships, resulting in record-breaking activities. Major firms not only facilitated landmark transactions but also introduced cutting-edge financial products and technologies to address the challenges of an increasingly complex financial environment.
Goldman Sachs emerged as a formidable player in IPO execution, while BTG Pactual solidified its standing in Latin America’s investment-banking sector. Societe Generale showcased a strong commitment to sustainable finance, underscoring each institution’s ability to navigate the financial landscape effectively.
Best Investment Bank
Goldman Sachs continued to thrive in 2025, leveraging its robust corporate relationships, extensive industry coverage, and exceptional advisory skills. As the capital markets rebounded, global investment-banking revenues reached over $100 billion, marking the sector’s second-highest level since 2021.
The firm played a key role in some of the year’s largest global transactions, including Hess Corporation’s $53 billion acquisition by Chevron. Goldman also advised on Juniper Networks’ $14 billion merger with Hewlett Packard Enterprise, highlighting its long-term client relationship since the firm’s role as the lead underwriter for Juniper’s 1999 IPO. Looking ahead, Goldman Sachs remains poised for significant transactions, as demonstrated by Kimberly-Clark’s planned $48.7 billion acquisition of Kenvue in the consumer health space.
In terms of IPO performance, after overcoming earlier equity-market volatility, Goldman Sachs reaped the benefits of favorable financial conditions for private equity firms looking to take companies public. The bank led the largest deal of 2025 for Illinois-based healthcare firm Medline, which saw its offering upsized to $7.2 billion.
In the EMEA region, Goldman served as a global coordinator on five notable sponsor-backed IPOs, including a $1.1 billion deal for SMG Swiss Marketplace. The firm retained its top position in the EMEA deal volume, capturing an 11% market share. In Asia, Goldman participated in significant IPOs, including Contemporary Amperex Technology’s $4.6 billion offering and deals for Zijin Gold and JX Advanced Metals totaling $3.2 billion and $3 billion, respectively.
Best In Emerging Markets
BTG Pactual excelled in the challenging landscape of Latin America, where volatile currencies and elevated interest rates persisted. In 2025, the bank achieved record investment-banking revenues of 2.5 billion Brazilian reais (approximately $456 million), up 19% from the previous year.
The Brazilian institution led key segments in the investment-banking market, ranking first with around $2.4 billion in equity capital markets issuance and more than $17 billion in M&A activity. Additionally, BTG facilitated the distribution of 35.7 billion reais in fixed-income instruments across 120 transactions.
Among significant transactions, BTG acted as the exclusive financial adviser for Serena Energia’s 15 billion-real delisting offer and Paper Excellence’s sale of a 49.4% stake in Eldorado Brasil Celulose for the same amount. The bank also advised Equatorial Energia on a 9.4 billion-real sale of its power-transmission portfolio to CDPQ and assisted Eletrobras with its 535 million-real stake sale in Eletronuclear.
Best In Frontier Markets
Standard Chartered emerged as a pivotal partner for investors in frontier economies, where macroeconomic instability is a frequent challenge. With operations in 53 markets over 170 years, the bank combines global expertise with local insights to deliver comprehensive solutions.
In addition to its leadership in sustainable finance, overseeing $17.4 billion in green assets, Standard Chartered raised $1.1 billion via its inaugural dedicated green bond. Notable projects included a $29 million interest rate swap for Renata Plc in Bangladesh and a $300 million railway financing initiative in Kazakhstan.
Best Investment Bank For Sustainable Financing
Societe Generale (SocGen) remains resolute in its pursuit of mobilizing €500 billion (about $571 billion) in sustainable finance by 2030, despite regulatory challenges faced in the US. This ambitious target encompasses €400 billion in financing and €100 billion in sustainable bonds.
In the UK, SocGen facilitated $1.1 billion in green financing for National Grid Electricity Transmission’s Eastern Green Link 2 project, which aims to efficiently transport renewable electricity. Furthermore, it acted as a lead arranger for £5.5 billion (about $7.3 billion) in financing for the Sizewell C nuclear power station, a vital element of the UK’s low-carbon energy framework.
Societe Generale also committed €1.7 billion for the Power4Steel project in Germany, designed to significantly reduce carbon emissions from steel production by 2030.
Best Multilateral Finance Institution
The European Bank for Reconstruction and Development (EBRD) has continued to demonstrate its ability to mobilize multilateral finance amid geopolitical instability and climate challenges. In 2025, the bank invested a record €16.8 billion across 640 projects, with a substantial portion directed towards private sector initiatives.
Notably, the EBRD prioritized support for Ukraine, deploying around €2.9 billion to bolster essential infrastructure during wartime. The institution also focused on the reconstruction of the country’s electricity systems.
Beyond Ukraine, the EBRD contributed to economic transformation in various regions, launching a €377 million program for SME digital modernization in the Western Balkans and investing €2.7 billion across 54 projects in Turkey in 2025 to promote renewable energy and sustainable infrastructure.
Best Bank For Client-Facing Technology
Emirates NBD Capital (ENBD Capital) has streamlined access to capital markets through its innovative e-IPO portal. This digital subscription system facilitates simple access to IPOs on the Dubai Financial Market, allowing clients an efficient means of participation.
The e-IPO service integrates seamlessly with the ENBD-X app, enhancing client workflows. The bank also automates document handling and fund transfers, thereby maximizing participation in IPOs. Additionally, ENBD Capital offers businessONLINE, a mobile application that consolidates various financial services into a user-friendly interface for corporate clients.
Best Bank For New Financial Products
Bradesco BBI continues to innovate, aligning with Bradesco’s “AI-First” strategy to enhance its digital platforms aimed at corporate clients and middle-market advisory services. The bank allocated 200 million Brazilian reais to launch an integrated cash-management system, facilitating better liquidity management for its clients.
Further advancements included transitioning its global trade-finance platform to better serve corporate entities. Through its strategic initiatives, Bradesco saw its SME market share rise to 17% in 2025, an increase from 14% previously, reflecting its focus on enhancing middle-market services.