This year’s top firms in Asia-Pacific underscore the region’s growing influence in shaping global investment banking trends.
The investment banking landscape across Asia-Pacific is defined by scale, sophistication, and intensifying competition across capital markets.
These regional leaders, like their global counterparts, are capitalizing on 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 J.P. Morgan — are setting the benchmark, executing landmark transactions and reinforcing their regional dominance.
Their performance reflects a broader resurgence in Asia-Pacific capital markets, driven by robust IPO activity, cross-border consolidation, and evolving financing strategies.
Best Investment Bank
ICBC
The Industrial and Commercial Bank of China (ICBC) recorded operating income of 835.4 billion yuan (about $121 billion) last year, and net profit of 368.3 billion yuan, with a year-on-year increase of 2% and 1%, respectively.
The Beijing-based firm led China’s market in merger financing, bond underwriting, and restructuring advisory. M&A loans exceeded 102.2 billion yuan, while bond underwriting reached over 1.7 trillion yuan, boasting 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 over 230 Hong Kong IPOs with a cumulative underwriting volume of nearly $210 billion.
M&A
DBS Bank
In 2025, DBS continued its legacy as a one-bank composite solution, leading domestic and cross-border M&A deals in the Asia-Pacific region. The most notable deal was the joint work of DBS Strategic Advisory HK and DBS Securities in China, providing strategic advice and execution to Haitong Securities in its merger with Guotai Junan Securities (GTJA), completing the country’s largest-ever brokerage deal.
DBS also advised Singaporean companies transforming into the new economy through M&A, including Keppel’s divestment of subsidiary M1 to Simba Telecom for an enterprise value of 1.43 billion Singapore dollars (about US$1.1 billion), showcasing the bank’s deep sector expertise.
In addition, DBS’ long-standing relationship with state-owned energy and urban development company Sembcorp supported multiple corporate and investment banking solutions. With DBS’ advisory, this major electricity supplier in Singapore successfully transitioned away from fossil fuels and invested in green energy.
Equities
Morgan Stanley
Morgan Stanley was also 2025’s top arranger of equity capital markets deals in the Asia-Pacific region for the second consecutive year, holding a market share of nearly 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—almost $9 billion more than Goldman Sachs, according to Bloomberg data. Its 10% market share marks the second-highest for a top-placed bank in the past decade. The bank worked on several multibillion-dollar Asian deals as share sales surged in Hong Kong and India, which notched a record year for IPOs.
Four of the year’s five largest share-sale venues are in Asia—Hong Kong, India, mainland China, and Japan. Despite missing Asia’s two largest deals earlier in the year and trailing Goldman in the first half, Morgan Stanley regained 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. A rebound in health-care share sales in Hong Kong after a three-year slump further benefited Morgan Stanley, giving it a 37% market share in the sector and leading numerous offerings on a sole basis, including those involving WuXi XDC Cayman Inc.
Debt
J.P. Morgan
J.P. Morgan demonstrated its position as a market leader in the Asia-Pacific debt capital market by becoming the top fee earner in the region, supported by leadership in capital market transactions, including debt issuance. The firm also demonstrated a long-term leadership strategy, expanding its private credit and debt financing business while specifically targeting midsize companies. The large commitment to direct lending strengthens the bank’s position as a top debt-investment bank in the region. J.P. Morgan was also recognized by Coalition Greenwich as a quality leader in Asia for its cash management services, receiving multiple Greenwich excellence awards.