World’s Best Investment Banks
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This year’s top Asia-Pacific companies highlight the region’s growing influence in shaping global investment banking trends.
The investment banking landscape across Asia-Pacific is defined by scale, sophistication and increasing competition in the capital markets.
These regional leaders, like their global counterparts, are taking advantage of strong deal flow, particularly in M&A and equities, while expanding capabilities in debt financing and advisory.
Our top institutions – Industrial and Commercial Bank of China, DBS Bank, Morgan Stanley and JP Morgan – are setting benchmarks, executing landmark transactions and consolidating their regional dominance.
Their performance reflects the broader resurgence in Asia-Pacific capital markets, driven by strong IPO activity, cross-border consolidation and evolving financing strategies.
Best Investment Bank
ICBC
Industrial and Commercial Bank of China (ICBC) last year recorded operating income of 835.4 billion yuan (about $121 billion) and net profit of 368.3 billion yuan, up 2% and 1% respectively, year-on-year.
The Beijing-based firm led the China market in merger financing, bond underwriting and restructuring advisory. M&A loans exceeded 102.2 billion yuan, while bond underwriting reached more than 1.7 trillion yuan, accounting for nearly 10% market share. ICBC also led the industry in market-oriented debt-to-equity swaps. In securities underwriting, ICBC demonstrated strong pricing power and post-listing performance, completing more than 230 Hong Kong IPOs with a cumulative underwriting volume of approximately $210 billion.
M&A
DBS Bank
DBS also advised Singapore companies transitioning to the new economy through M&A, including the divestment of Keppel subsidiary M1 to Simba Telecom at an enterprise value of S$1.43 billion (approximately US$1.1 billion), demonstrating the bank’s deep sector expertise.
In addition, DBS’s long-term relationship with state-owned energy and urban development company Sembcorp supported a number of corporate and investment banking solutions. With advice from DBS, this major electricity supplier in Singapore successfully transitioned away from fossil fuels and invested in green energy.
equities
Morgan Stanley
Morgan Stanley was the top manager of equity capital markets deals in the Asia-Pacific region for the second consecutive year in 2025, with a market share of almost 10%, well ahead of rival Goldman Sachs. The New York-based investment bank facilitated $27.9 billion in IPOs, primary placements, block trades and convertible bonds — about $9 billion more than Goldman Sachs, according to Bloomberg data. Its 10% market share is the second highest for a top-ranked bank in the last decade. The bank worked on multibillion-dollar Asian deals as share sales surged in Hong Kong and India, which recorded a record year for IPOs.
Four of the year’s five biggest share-selling destinations are in Asia – Hong Kong, India, mainland China and Japan. Despite missing out on two of Asia’s biggest deals at the start of the year and lagging behind Goldman in the first half, Morgan Stanley took the lead in early July with a $3.4 billion block trade in insurer AIA Group Ltd. It was also the sole arranger on Ping An Insurance (Group) Co of China Ltd’s HK$11.8 billion ($1.5 billion) convertible bond in June, boosting its league-table position. Morgan Stanley further benefited from a surge in health care share sales in Hong Kong after a three-year slump, giving it a 37% market share in the sector and leading several offerings on a stand-alone basis, including Wuxi XDC Cayman Inc.
loan
JP Morgan
JPMorgan demonstrated its position as a market leader in the Asia-Pacific debt capital markets by becoming the top fee earner in the region, supported by leadership in capital markets transactions, including debt issuance. The firm also demonstrated a long-term leadership strategy, expanding its private lending and debt financing business, particularly targeting medium-sized companies. The large commitment to direct lending strengthens the Bank’s position as a top debt-investment bank in the region. JPMorgan was also recognized by Coalition Greenwich as a quality leader in Asia for its cash management services, receiving multiple Greenwich Excellence Awards.
