Investment Banking Awards 2025 – The Banker

Excellence in execution and innovation defines the winners of The Banker’s Investment Banking Awards 2025.

Investment banks were invited to compete across 11 product and coverage areas, and six regional categories. They have been assessed on the quality of their execution, their ability to help clients navigate complex market conditions, and the innovations they introduced over the judging period. 

Discover the winners below.

Investment Bank of the Year for . . . 

Judges

• Silvia Pavoni, editor in chief

• Chris Newlands, executive editor

• John Everington, senior editor

• Anita Hawser, Europe editor

• Kimberley Long, Asia editor

• Michael Klimes, investment banking editor

• Sally Hickey, reporter

• James King, correspondent

• Giovanni Legorano, correspondent

• Edward Russell-Walling, correspondent

• Francesco Burelli, partner, Arkwright Consulting

• Michele Cortese, adjunct professor of investment banking at Bocconi University and former managing director at Société Générale

• Tina Mavraki, Institute of Directors chartered director and fellow of Chapter Zero

Investment Bank of the Year, Global

Winner: Evercore

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Evercore, the mergers and acquisitions powerhouse founded in 1995 by Roger Altman, has evolved into an institution with genuine global banking coverage. The term “boutique” conceals how formidable the bank is, with more than 2,500 employees and offices in 13 countries. Its recent record gives one powerful message: Evercore’s leaders did not rest on past laurels and battled hard to distinguish itself from its rivals.

“We are humbled to receive the honour of Investment Bank of the Year, Global,” says John Weinberg, chair and CEO of Evercore. “Our performance reflects the investments we have made to grow our global platform and deepen our capabilities.”

Signs of that commitment include a focus on core growth areas such as debt advisory, project finance and structured capital solutions. It has also recruited heavily, adding 84 staff to its US advisory team, seven of whom were senior managing directors. 

Evercore has also beefed up its presence on continental Europe by adding two new teams of bankers — one generalist and the other industrialist — to the Paris office it opened in 2023. 

These capabilities show up in the numbers, with the bank’s strategic, defence and shareholder advisory team advising 77 companies in the US, representing $1.6tn in market capitalisation in 2024. 

According to LSEG M&A data, Evercore accounted for $273bn of deal value in 2024 — putting it seventh on a global basis over the same period. This was all helped by Evercore advising noteworthy clients in gargantuan deals, such as it being exclusive financial adviser to Global Infrastructure Partners in its sale to BlackRock, which was announced on January 12 2024. 

The transaction closed on October 1 2024 with BlackRock acquiring 100 per cent of GIP for around $12.5bn, including deferred shares. The deal was among the largest acquisitions to date in the alternative asset management sector. Other blockbuster deals included Evercore working on GE Vernova’s $37bn spin-off from General Electric; it also advised Synopsys on its $35bn acquisition of Ansys in the tech space and ConocoPhillips on its $22.5bn acquisition of Marathon Oil, in the oil and gas sector. Evercore’s breadth of sectoral coverage and knack for making the largest corporations its clients is testament to the bank’s brand recognition among multinationals. 

“We were privileged to advise a group of extraordinary companies on many of the year’s landmark transactions across M&A, shareholder advisory, capital advisory, and liability management and restructuring,” Weinberg says. 

One particularly impressive feature of Evercore was how it advised on certain corporate transactions that took years to conclude. The best example of this is the work it did as the lead financial adviser to General Electric over the past six years. This culminated in April 2024 with GE Aerospace, which officially launched as an independent public company, and the spin-off of GE Vernova, an industry-leading scaled power and renewables original equipment manufacturer. 

Evercore bankers led drafting processes, valuation analysis and presentation drafting for the GE board of directors during both processes.

“Our strategy is to invest in our clients, integrate deep sector expertise, and leverage our extensive product capabilities to help them navigate their most complex and consequential decisions,” Weinberg adds. 

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Investment Bank of the Year, North America

Winner: Evercore

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Evercore demonstrated and retained excellence in its core domestic market while expanding its sights overseas in 2024. Its North American division — led by US investment banking co-heads Dan Mendelow, Jason Sobol and Naveen Nataraj — ensured Evercore continues to be a specialist in identifying and executing large, complex deals, making it a standout performer among boutique investment banks. 

This panache is highlighted by three representative landmark transactions in the region — GE’s $36bn spin-off of GE Vernova, WestRock’s $20bn merger with Smurfit Kappa and Global Infrastructure Partners sale to BlackRock for $12.5bn. 

The WestRock merger with Smurfit Kappa to create Smurfit Westrock is particularly noteworthy as it showcased Evercore’s ability to think how a merger can bring together two industry leaders in their respective geographies. 

Before the merger, WestRock was the second-largest containerboard producer in the US and Smurfit Kappa the biggest in Europe. Evercore’s long experience of advisory work in the paper and packaging sector, alongside its ties with WestRock’s board, gave the bank insight into what would work best for the company strategically. 

In early 2022, the Evercore team advised the board and a relatively new management team on a separate potential transaction. Subsequently this evolved into an overarching review of strategic alternatives and various contemplated potential transactions, including the merger with Smurfit Kappa. 

Evercore’s advice on the merger helped create a global leader in the containerboard packaging sector, operating across 40 countries with over 100,000 employees working across more than 500 packaging converting operations and 63 paper mills.

“Being recognised as Investment Bank of the Year in North America reflects Evercore’s unwavering commitment to excellence and our continued momentum as a premier global independent investment banking firm,” says Naveen Nataraj, co-head of US investment banking. 

“This award demonstrates the trust our clients place in us to deliver superior outcomes on matters of strategic and financial significance.”

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Investment Bank of the Year, Africa

Winner: Rothschild & Co

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Rothschild & Co has a long-standing presence in Africa, with 22 advisers on the ground and offices in Johannesburg, Lagos and Cairo. It also has experienced teams covering Africa out of London, Paris and Abu Dhabi.

It was the most active mergers and acquisitions advisory firm in Africa during 2024, working on nine deals totalling $2.2bn. 

“This award cements Rothschild & Co’s long-standing presence in Africa, where we continue to be the trusted adviser to corporates and sovereigns across the continent,” says Martin Kingston, Rothschild & Co’s executive chair of South Africa. 

“Our role in landmark African transactions includes advice to Anglo American on its defence of the $49bn BHP offer, and the subsequent demerger of Valterra Platinum, creating a new $15bn mining company listed on the JSE.” 

Among other highlights, Rothschild advised Brazil’s Petronas on the sale of its 74 per cent stake in Engen, South Africa’s leading fuel retailer. After a three-stage auction at a time of crude price volatility, the stake was bought by Vivo Energy, creating one of Africa’s largest energy distribution companies. The firm also advised Cairo-listed Beltone on its purchase of a majority stake in Baobab, a Paris-based provider of financial services to seven (mainly francophone) African countries.

In the debt markets, the firm was sole financial adviser to creditors in Ghana’s $13.1bn sovereign bond restructuring. It developed their negotiating strategy and held ongoing discussions with the IMF. Rothschild also advised the Ivory Coast government on the first debt-for-development swap to be backed by the World Bank, allowing the state to use cheap loans to buy back costly bonds.

The firm also advised ZCCM, a Zambian parastatal mining investment house, and the Zambian government on restoring the fortunes of troubled Mopani Copper Mines. The solution included a $1.7bn debt restructuring and the controversial sale of a 51 per cent stake for $1.1bn to International Resources Holdings, based in Abu Dhabi. 

Rothschild also advised South Africa’s National Treasury on the implementation of an approved R245bn ($14.3bn) debt relief package for Eskom. This operationally and financially ailing power utility, South Africa’s largest state-owned enterprise, has been responsible for widespread electricity blackouts, so this was a project of major national significance.

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Investment Bank of the Year, Asia-Pacific

Winner: DBS

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DBS has been providing best-in-class advisory, structuring, distribution and execution services to Asia-Pacific clients in debt capital markets, equity capital markets and mergers and acquisitions. Its dedicated credit rating and environmental, social and governance teams have helped them to achieve strong ratings and create sustainable structures.

In DCM, the bank has become the bookrunner of choice for bond issues by regional corporates and financial institutions, while being the pioneer institution for bank capital instruments in Singapore dollars.

It is a leading bank for distribution in Asia, both institutional and retail. Retail distribution is via DBS Private Banking, DBS Vickers and the consumer banking unit. DBS is a significant market maker for Asian credit in local and G3 currencies, while running the largest and most active trading book in Singapore dollars. It is the only bank with dedicated Singapore dollar institutional bond sales.

It led the first public sustainability-linked perpetual securities offering out of Asia, for data centre provider STT GDC. The S$450mn ($344.8mn) issue, which attracted major international investors, was more than twice oversubscribed and priced tighter than initial guidance.

In ECM, DBS ranked first in all-equities Singapore for the eighth consecutive year in 2024, and maintained its dominance in local real estate investment trusts and business trust equity raisings. It was lead foreign underwriter in China’s onshore ECM, despite only being licensed in 2021.

In Hong Kong, its second-largest market, DBS completed three initial public offerings in 2024. It was joint bookrunner for the HK$5.8bn ($744.8mn) IPO of Asia’s largest logistics provider, Shenzhen-based SF Holding. This was Hong Kong’s third-largest IPO of 2024. It was joint global co-ordinator and bookrunner for the HK$470mn IPO of AuGroup Shenzhen and joint bookrunner for the HK$664mn IPO of Shanghai Voicecomm.

The bank also had a strong showing as an adviser in south-east Asian M&A. It was a financial adviser to Haitong Securities in relation to its H shares in its merger with Guotai Junan Securities. With a transaction value of HK$251.1bn, this created the largest investment bank in China.

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Investment Bank of the Year, Europe

Winner: Barclays

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Barclays is the clear winner in Europe as it landed some very large deals in equity capital and debt markets, which put it ahead of peers. In ECM the bank played a pivotal role as underwriter, along with another bank, of National Grid’s £7bn rights issue, the City of London’s marquee transaction of 2024 and the biggest UK rights issue since 2010. Barclays also helped lead all five $1bn+ selldowns by the Blackstone consortium of its shares in LSEG, which concluded in 2024. 

Another big transaction involved French broadcaster Canal+ being spun-off from Vivendi, where Barclays acted as joint sponsor. Canal+ listed on the London Stock Exchange in December 2024 with an initial value of £2.3bn. 

“It’s particularly pleasing that our performance in equity capital markets and our involvement in several significant deals have distinguished us from our competitors,” says Alisdair Gayne, head of Emea investment banking at Barclays. 

“This accolade and recognition is a testament to our commitment to delivering exceptional service for our clients and highlights the breadth and depth of our capabilities.”

In European DCM, Barclays was able to navigate volatile markets, executing $57bn in issuance by its own count across 25 issuers and nine jurisdictions. It also supported complex and innovative DCM solutions for governments, financial institutions, and corporate clients.

According to Barclays in its sovereign, supranational and agency division it pioneered a hybrid product for the African Development Bank, creating a new asset class for multilateral development banks. 

In its financial institutions group, Barclays led key AT1 deals and structured the UK’s first BTL-covered bond for Paragon Bank. Barclays’ corporate clients team introduced what it calls a “flipper clause” in Merck’s €800mn bond, enabling future rating flexibility.

“We are very grateful for the trust and partnership of our clients, which has been instrumental in our success and the award is not just a reflection of our hard work but also of the strong relationships we have built with them,” Gayne adds.

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Investment Bank of the Year, Latin America

Winner: Itaú BBA

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Itaú BBA had an impressive year in Brazilian capital markets, where it outshone its competitors across the board. It led the field in volume and number of investment banking transactions, excluding self-mandated deals, in equity capital markets, debt capital markets and mergers and acquisitions.

The investment bank also broke its own annual record, participating in more than 800 transactions across ECM, DCM and M&A markets in 2024, the most in its history.

In equity capital markets, the firm participated in eight of the year’s 12 Brazilian equity offerings. Issuing companies included Sabesp, Latin America’s largest water and sanitation business, power generator Eneva and energy utility Energisa.

Itaú BBA has consistently been a top adviser in Brazilian M&A, where last year it was ranked first with 39 deals worth a total $12.3bn. They included the marriage between AES Brasil and Auren Energia, the largest-ever merger in the Brazilian renewable energy industry.

It was financial adviser to Brazilian oil and gas producer 3R Petroleum on the acquisition of its larger local rival, Enauta. The deal valued the target at $1.2bn.

The bank had an equally good year in DCM, where it led the local lead tables in both origination and distribution. It was bookrunner on sovereign issues for the governments of Chile, Paraguay and Colombia.

It also co-led an international issue for Brazilian energy company Raízen. The deal raised $1.5bn in 10-year and 30-year tranches. 

The bank has been investing in “integrated technology communities” to improve its daily investment banking routines. These employ dedicated squads of developers and product managers, working on new software to increase efficiencies and reduce risks.

Another IT team has developed a platform to evaluate clients from an ESG perspective. Its diagnostics provide a complete ESG score, including related credit risk assessment.

“This achievement, for the third consecutive time, reinforces the strength of Itaú BBA and the performance of a highly specialised and well-supported team,” says Cristiano Guimarães, global head of investment banking and fixed income at Itaú BBA. “We remain committed to leading investment banking activity, offering tailor-made solutions and diversified access to funding sources.”

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Investment Bank of the Year, Middle East

Winner: HSBC

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HSBC maintained its leading positions in the region’s equity capital, debt capital and mergers and acquisitions markets. It benefits from its long history in the Middle East and, latterly, from its ability to connect the region with investors in the Asia-Pacific region. It has also led the local environmental, societal and corporate governance bookrunner rankings in both Islamic and conventional deals, with dominant shares in each market.

The bank more than doubled its number of announced regional M&A deals to eight, worth more than $13bn — representing a 16 per cent market share. Landmark transactions where it was sole financial adviser included Adnoc’s $2bn acquisition of shipping group Navig8, and Abu Dhabi sovereign wealth fund ADQ’s $650mn purchase of a 49 per cent stake in Plenary, an Australian infrastructure investor.

HSBC was number one in the ECM and initial public offerings in the Middle East and north Africa. It led Aramco’s $12.4bn secondary placement, the largest ECM transaction anywhere since 2021. It was joint global co-ordinator and sole ESG structurer on Oman’s largest-ever ECM deal, the $2bn IPO of oil producer OQEP.

In 2024, HSBC was again the number one regional bonds and sukuk house, while increasing its market share to more than 11 per cent. It was joint global co-ordinator and bookrunner on Saudi Arabia’s jumbo $12bn triple tranche bond. Among its currency firsts was the Emirate of Sharjah’s inaugural €500mn sustainability bond, where its roles included sole ESG structuring agent.

In a record year for Gulf and Saudi sustainability issuance, HSBC remained the top ESG bookrunner, with some pioneering transactions. It successfully transitioned ESG formats to the sukuk markets, creating new financing options. New ESG bond issuers included Qatar, KSA and Sharjah. 

“Our presence in the Middle East is defined by both our global scale and our on-ground integration, making us the only international bank that can genuinely act as both local and global co-ordinator,” says Samer Deghaili, HSBC’s co-head of capital markets and advisory for the Middle East, north Africa and Turkey.

“We’ve been the innovator and leader in bringing first-of-its-kind products into the region, working directly with regulators to establish frameworks that unlock new routes of capital across the Middle East,” adds Mohammed Fannouch, the bank’s co-head of capital markets and advisory for the region.

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Investment Bank of the Year, Corporate Bonds

Winner: Barclays

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The global corporate bond market saw a record $8tn of issuance in 2024 and Barclays played an important role in that story. The bank’s continued investment in its corporate debt capital market franchise, alongside organisational changes, equips the lender to give the best advice and execute for corporate clients across currency markets and product groups. 

These efforts paid off and Barclays demonstrated its importance to big clients like Cisco, BMW and CVC Health with sizeable corporate actions. 

“This recognition is a testament to our focus on delivering exceptional service for our clients and highlights the breadth and depth of our capabilities,” says Meghan Graper, global head of debt capital markets at Barclays. 

In February, Barclays led technology giant Cisco to the market with its largest ever $13.5bn seven-tranche bond offering with maturities ranging from two to 40 years. This was to raise proceeds to partially finance the proposed acquisition of Splunk Inc.

The bank also raised $3.7bn for BMW across six tranches and acted as the documentation bank, driving a tight timeline to ensure the narrow issuance window in early August 2024 was met. According to Barclays, it had also raised £400mn for BMW in the sterling market before the month was out — a real reminder of its global reach. 

The CVS Health deal was the largest US dollar corporate hybrid since 2013 according to Barclays. The bank served as active bookrunner, marketing co-ordinator, and billing and delivery agent on a debut junior subordinated offering for CVS.

“Our success in corporate hybrids and cross-currency execution both underscore our commitment to innovation and excellence for issuers worldwide. We’re deeply grateful for the confidence our clients place in us — and this award is a reflection of their partnership and the strength of the relationships that drive our continued success,” Graper continues. 

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Investment Bank of the Year, Emerging Markets

Winner: Rothschild & Co

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Rothschild & Co has a long history of engagement with emerging economies where, each year, it repeatedly advises on more transactions than any other firm. With some 1,600 bankers in 60 locations across 47 countries, it is ranked in the world’s top 10 by M&A revenue globally, according to LSEG’s full year 2024 investment bank figures. 

In 2024, it opened a new office in Riyadh, strengthening its presence in the Middle East. It advised Olam, a Singapore-based food and agri-business on the two-stage sale of its remaining 65 per cent stake in Olam Agri to Salic, a Saudi state-owned agriculture and livestock investor. This was the largest Asia–Middle East cross-border deal of the year and the largest agri, food and beverage mergers and acquisitions deal in Asia-Pacific in the past 10 years.

The firm is proud of its ability to advise on geopolitical risk. That was particularly pertinent in Latin America, which saw several presidential and local party elections. Rothschild advised US-based pizza chain Little Caesars on the sale of its franchises in Mexico, Colombia, Dominican Republic and Puerto Rico.

It also advised Argentina’s Apex America Holdings on the sale of a majority stake to US HR technology specialists Vensure Employer Solutions.

In Russia, Rothschild assisted various companies in exiting the market, including McDonald’s and Unilever. It advised the Ukrainian government on the US–Ukraine Mineral Deal, and played a pivotal role in restructuring its sovereign debt.

Rothschild’s sovereign advisory business helped governments to navigate economic and geopolitical challenges. It orchestrated more than 40 disclosable transactions for governments, totalling more than $100bn. These included a $15bn sovereign bond restructuring for Sri Lanka, and a $300mn marine conservation-focused debt-for-nature swap for the Commonwealth of the Bahamas.

“Our advisory-only business model, the breadth and scale of our business and the longevity of our bankers drive our success. Year after year we advise on more transactions than any other adviser,” says Eric Lalo, executive chair of sovereign advisory at Rothschild & Co.  

“This award reflects the strength of our expertise in shaping global financial landscapes, providing innovative solutions for nations and companies across emerging markets — helping clients navigate complexity and seize opportunity.”

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Investment Bank of the Year, Financial Institutions Group

Winner: DBS

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DBS leads the market for bank capital instruments in Singapore dollars, particularly Tier 1 issues and perpetual securities. It has strong geographical coverage as a securitisation adviser, and has contributed meaningfully to the development and growth of the Asian covered bond market.

A case in point was the bank’s role as joint lead manager for the inaugural covered bond issuance from Maybank Singapore. This was the first bank of Malaysian heritage to tap the covered bond market via its locally incorporated Singapore entity. The issuance was a three-year €500mn bond, compliant with the European Covered Bond Council label.

Announced with guidance of mid-swaps +32 basis points area, the issue was 2.5 times oversubscribed and the final spread was fixed at +25bp.

The bank won a repeat mandate as global co-ordinator, joint lead manager and joint bookrunner for a Belt and Road Initiative-themed senior bond offering from China Development Bank’s Hong Kong branch. This was a three- and five-year transaction raising Rmb2.8bn ($393.8mn) in two equal tranches. They were priced at par with coupons of 2.4 per cent and 2.6 per cent respectively, representing tightening of 45 basis points and 40bp. At their peak, the orderbooks were more than three times oversubscribed.

The year saw a strong increase in interest from banks in the Panda bond market, which grew by 300 per cent year-on-year. DBS China was joint lead underwriter on the largest Panda bond from a foreign bank since 2016.

This was a Rmb3.5bn issue from National Bank of Canada. Book-building had begun with a basic issue size of Rmb2.5bn and an initial pricing range of 2.1 to 2.6 per cent. Strong orderbook momentum allowed the size to be increased to Rmb3.5bn and the coupon to be set at 2.34 per cent. The final orderbook coverage ratio was 1.68 times. 

It was the second consecutive mandate from the Canadian bank for DBS China, the only foreign bank invited into the deal. At the time of issue, DBS China had been joint lead underwriter on all Panda bonds from foreign banks year-to-date.

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Investment Bank of the Year, Infrastructure and Project Finance

Winner: Société Générale

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Société Générale continues to excel in infrastructure and project finance. The French lender’s coverage is both global and multisectoral, including areas such as data centres, offshore wind and battery storage.

To take each of these segments in turn. The bank was coordinating lead arranger, joint bookrunner and documentation agent for a $600mn debt financing for a new AI data centre project leased to CoreWeave, sponsored by Blue Owl. 

SocGen was also the senior lender and currency hedge provider for the $1.6bn Greater Changhua 4 offshore wind farm in Taiwan. The project is a co-development between Ørsted and Cathay Life Insurance. 

The bank is also involved in key projects to boost gigafactory production in Europe, including Verkor — a French industrial company ramping up high-performance low-carbon battery manufacturing in the north of the country. SocGen secured a €2bn project financing package, including €1.3bn in debt, for its first 16 gigawatt hour capacity gigafactory in Dunkirk.

SocGen also underwrote its first gigafactory project in the UK for AESC UK to support both the country’s decarbonisation and the expansion of its electric vehicle market. It was the lead financial adviser, senior mandated lead arrangers and currency hedging provider. 

“Our global reach enables us not only to support clients across diverse regions and markets but also to lead the way in infrastructure and project finance,” says Olivier Musset, global co-head of finance and advisory, energy plus group, battery, mining and industries at SocGen.

He adds that in 2024, the bank’s advisory expertise brought to fruition several monumental deals led by the emblematic Net Zero Teesside Power and Northern Endurance Partnership projects supporting a zero-carbon industrial cluster in the UK.

“We thank our clients for their trust and our team for their commitment to excellence and innovation,” adds Musset.

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Investment Bank of the Year, IPOs and Equity Raising

Winner: Barclays

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Barclays was able to prosper from a better year of initial public offerings and equity-raising activity, which bounced back in 2024 after two years of historic lows. 

During 2024, Barclays’s equity capital markets platform continued to focus on its core strength of executing large and complex cross border transactions. According to the bank, it participated in 53 offerings globally above $500mn across IPOs, follow-ons and convertibles. It also grew and defended market share in 2024 across equity and equity-linked products, particularly through notable momentum in the follow-on and convertible franchises.

The two most impressive features of Barclays’s ECM record over this period were its ability to handle market volatility and create bespoke deal structures for clients. 

Barclays executed multiple significant transactions just days after a spike in the VIX Index to around 40 on August 5 2024, which was the highest since 2020. On August 7, it acted as lead left bookrunner for CenterPoint Energy’s $250mn follow-on, pricing the transaction flat to the stock’s last close, the tightest discount on a utility offering of this size or greater since 2020. Days later, it led Western Midstream’s $704mn offering, which Barclays says is the largest US midstream equity deal since 2021, and followed with two successful follow-ons for Kodiak Gas totalling $402mn.

On the bespoke deal side of things, it helped semiconductor developer Allegro Microsystems in a complex $690mn equity raise as lead left bookrunner, and helped software company MicroStrategy (which rebranded to Strategy in 2025) to execute a multiphase financing strategy aligned with its bitcoin accumulation and capital efficiency goals

John Kolz, global head of ECM at Barclays, says: “Our teams have delivered exceptional results for our clients in the equity capital markets. Our ECM offering is central to the success of our Global Banking franchise and we remain committed to delivering tailored, innovative solutions that help our clients navigate complex markets and achieve their strategic objectives.”

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Investment Bank of the Year, Leveraged Finance

Winner: Rand Merchant Bank

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Rand Merchant Bank prides itself on questioning the status quo and providing innovative capital solutions across the capital structure, from senior debt through to equity. During the year it was able to demonstrate these abilities with a number of landmark leveraged finance deals. 

The bank was sole mandated lead arranger on a $135mn fundraising for Helios Energy Transition Infrastructure. HETI was set up by private equity house Helios to provide affordable energy in Africa while accelerating the transition to a lower carbon economy. This will include development of a West African liquefied natural gas platform.

It was the primary financier on an innovative $45mn funding for Koko stoves, designed to replace charcoal with bioethanol cooking fuel in Africa. Users get the bioethanol from fuel ATMs and the finance is repaid with revenues generated by selling associated carbon credits.

RMB was the sole mandated lead arranger on the undisclosed funding for the acquisition of Octotel by a consortium including African Infrastructure Investment Managers. Octotel operates the leading open access fibre network in Cape Town and the Western Cape region.

The bank was sole financial adviser to Chappal Energies in its purchase of a majority stake in Equinor Nigeria Energy Company. It provided a $360mn bridge financing package and will retain lead roles in subsequent take-out financing.

RMB co-underwrote the R12bn ($699mn) acquisition package that enabled Vivo Energy to acquire South African petrol retail chain Engen. It advised Vivo on the purchase from Petronas of its 74 per cent stake in Engen and supplied the entire debt funding.

“RMB Leveraged Finance had another great year,” says Sibusiso Tashe, co-head of leverage finance. “At RMB, we pride ourselves on our client-centric approach, technical expertise and ability to deliver complex deals across multiple jurisdictions.”

Duncan Smith, co-head of leveraged finance, adds: “Our teams continue to deliver market-leading, often first-to-market transactions, including innovative ESG-linked and carbon financing, digital infrastructure projects and major acquisitions. 

“This success reflects the hard work of our teams whose talent and values are closely aligned to our brand and our commitment to outperformance.”

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Investment Bank of the Year, M&A

Winner: Evercore

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Evercore’s win in this category shows that after three decades it remains as high profile and prolific as ever in mergers and acquisitions advisory — the core work of all boutiques. In 2024, it was the number-one independent investment bank in M&A by the number of deals, both within the US and globally, according to LSEG data. 

This was helped by the strongest period of annual dealmaking since 2022, as worldwide M&A activity totalled $3.2tn in 2024, a year-on-year increase of 10 per cent.

“Receiving Investment Bank of the Year, M&A, underscores Evercore’s unique ability to guide clients through transformative, high-stakes transactions with differentiated and unconflicted advice,” says Dan Mendelow, co-head of US investment banking.

“Our strength lies in combining analysis with problem-solving, helping clients navigate complexity and unlock long-term value.”

The standout deal that exemplifies the impressive advisory skills of Evercore’s M&A bankers is Swisscom’s acquisition of Vodafone Italia for €8bn on a debt- and cash-free basis, with the aim of merging it with Fastweb, Swisscom’s subsidiary in Italy. Evercore acted as lead financial adviser to Swisscom across multiple workstreams covering all dimensions of advisory work. On M&A it provided the deal tactics, structuring, due diligence, valuation and negotiations; in debt it worked on bridge loans, term loan facility and deal contingent hedging; and on the equity side it organised the story of the transaction, dividend policy and investor engagement.

The deal closed on December 31 2024. The acquisition is designed to give Swisscom more profitable growth in Italy while ensuring there is sustained investment to upgrade the country’s digital infrastructure. It is also expected to create value for Swisscom shareholders and to be free cash flow neutral in year one and free cash flow accretive from year two. 

“As an independent firm, we bring clarity and conviction to every engagement free from conflicts, focused solely on advancing our clients’ strategic goals,” Mendelow adds.

“This recognition reflects the sophistication of our advisory platform and our continued drive to redefine what best-in-class M&A execution looks like.”

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Investment Bank of the Year, Restructuring

Winner: Houlihan Lokey

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Houlihan Lokey’s victory in a particularly strong field of restructuring advisers speaks to its strength in depth, global reach and innovation skills.

The firm has 290 professionals dedicated solely to financial restructuring — which it claims is the largest team of its kind in the world. They operate from 18 offices in 11 countries across five continents. During the review period the firm closed 107 restructuring engagements.

The team operates on both sides of the client fence, representing both companies and creditors (including collateralised loan obligation managers, direct lenders and private equity sponsors) in a ratio of roughly 50:50.

With private credit transforming the restructuring landscape, Houlihan Lokey has been able to help its sponsor clients through innovative transactions, while dealing with different approaches from new counterparts on the creditor side.

Among its more notable restructurings during the year was that of GenesisCare, the world’s largest provider of radiotherapy treatment. After revolving lenders refused to honour their commitments, Houlihan Lokey restructured a $1.7bn debt balance and raised $320mn of debtor-in-possession and exit financing. The deal separated the company’s US and non-US operations into independent companies, both of which subsequently emerged from bankruptcy.

In a particularly large transaction, the firm advised creditors holding $11bn of debt owed by US telecoms and IT company Lumen. It negotiated an out-of-court deal extending the company’s maturity wall from 2027 to 2029 and raising more than $1.3bn of new money. This provided enhanced economics for lenders, including the repricing and paydown of various securities.

“Our restructuring group strives to be the leading global adviser in situations where credit faces distress and default,” says David Hilty, Houlihan Lokey’s global co-head of financial restructuring.

“Through size and scope, engagement across the entire spectrum of capital structures and representing differing constituencies, we provide the unique and differentiated perspectives that clients seek in these complex and challenging transactions.”

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Investment Bank of the Year, SSA Bonds

Winner: HSBC

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HSBC’s SSA service and execution skills are attracting repeat business from clients who trust it with their largest and most high-profile transactions. The bank won 16 mandates from 13 different European sovereigns during the year, excluding central and eastern Europe.

These included some of the biggest trades of the year, such as Spain’s €10bn 10-year issue, France’s €8bn 30-year deal and — the quickest-pricing sovereign of 2024 — the UK’s £8bn 15-year gilt.

HSBC is a leading bank for vanilla issuance, and was active in 16 currencies during the year. It led the rankings in Hong Kong dollars and renminbi, and came second in sterling. It had no pulled trades in 2024 and was often able to assist issuers in tricky situations.

One of these was helping to reopen the French SSA market with a Bpifrance €1.25bn 10-year benchmark. This followed a month-long pause and a pulled trade after June’s political uncertainty. HSBC was also a front-runner on KFW’s €1bn club-style tap in a volatile market, helping to achieve an exceptionally tight asset swap spread.

The bank says it is often mandated by issuers for its exceptional capabilities in managing eBook. These skills enabled two EU trades in 2024 to price before 1pm, with one — at 11.41am — setting the fastest time on record for a conventional EU bond.

HSBC has been creating new structures to help mobilise private capital for multilateral development banks, while playing a leading role in digital bond markets. It was sole structurer and bookrunner on the largest outcome bond to date, the World Bank’s $225m nine-year Amazon reforestation outcome bond.

The Hong Kong Monetary Authority used HSBC’s Orion platform to issue the first multi-currency digitally native bond. HSBC played multiple roles on the deal, which was the largest-ever digital bond.

“We are very proud to be recognised with this award,” says Asif Sherani, HSBC’s head of DCM syndicate and public sector DCM. “We strive to deliver exceptional advice and execution for our clients, advancing their strategic priorities. That ranges from mobilising private capital for MDBs with hybrid and outcome bonds, to driving market innovation via digital bond issuance.”

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Investment Bank of the Year, Sustainable Finance

Winner: Société Générale

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Société Générale’s CEO Slawomir Krupa has pushed hard to strengthen its position as a leading investment bank by placing ESG at the core of its activities. 

Its win in this category underscores how SocGen has become the go-to investment bank for corporates, sovereigns and financial investors seeking to meet their sustainable finance goals by taking a holistic approach across supply chains to respond to whatever client queries come its way. It has bankers set up in mixed advisory, financing and sector teams working on supply chains like road and rail transportation, air and maritime transportation and the agricultural sector, enabling the bank to offer bespoke debt and equity solutions to fund large capital expenditure or raise equity for project developers. 

There are also strategic partnerships it has made with private investors and public institutions. It has established a partnership with Schneider Electric to help small and medium-sized enterprises in France reduce their carbon footprint. 

SocGen also established an equity investment and strategic partnership with EIT InnoEnergy, to help start-ups active in sustainable energy. And it made an investment in Polestar Capital Circular Debt Fund, which the bank says is the only private debt fund in Europe dedicated to the circular economy.

On the public side, it announced a co-operation agreement with the International Finance Corporation, the World Bank arm focused on developing the private sector in emerging markets. Here the aim is to accelerate sustainable finance in developing countries and contribute to the UN Sustainable Development Goals. This resulted in several financing transactions directed towards SMEs and sustainable development.

“Société Générale is honoured to be named Investment Bank of the Year for Sustainable Finance at The Banker Awards 2025,” says Eric Bonnin, head of the bank’s sustainable and impact advisory department. 

He adds: “This recognition reflects our unwavering commitment to pioneering ESG-driven solutions, empowering clients across sectors and geographies to accelerate their transition. 

“Through strategic partnerships, innovative financing, and a sectoral advisory approach, we continue to lead the way in shaping a more sustainable and inclusive financial future.”

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Investment Bank of the Year, Syndicated Loans

Winner: HSBC Middle East

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HSBC’s syndicated loans platform has reinforced its status as a premier arranger of syndicated and structured loans in the Middle East. At the same time, its global distribution network has allowed it to bring significant Asian liquidity into syndications in the Middle East and north Africa, and vice versa.

The bank has stood out as the foremost adviser for complex Islamic financing structures, pioneering industry standards for Murabaha facilities in various transactions. It has also brought several innovative firsts to ESG financing in the region.

In one of the year’s landmark deals, HSBC was sole co-ordinator and lead sustainability co-ordinator in a SR5.25bn ($1.4bn) dual-currency senior secured term and revolving facility for Cenomi Centres, Saudi Arabia’s largest mall developer and operator. This was one of the first private sector syndicated sustainability-linked transactions in the Saudi market.

It played multiple roles, including joint co-ordinator in the largest-ever Islamic sustainable financing to any financial institution. The $1.9bn dual-tranche commodity Murabaha for Al Rajhi Bank was also the largest-ever syndicated financing for a Saudi bank.

HSBC was sole co-ordinator on Ahli United Bank’s $800mn three-year sustainability-linked commodity Murabaha. Despite a challenging macro environment, the transaction was enthusiastically received by the market and was oversubscribed by 1.5 times over the initial launch.

The bank was also sole co-ordinator and mandated lead arranger on one of the largest syndicated corporate facilities in Saudi history, for drilling operator Ades Holding. Its $3bn dual-currency senior secured term and revolving facility will be used to fund capex and growth by acquisition.

HSBC was again sole co-ordinator and mandated lead arranger on a complex dual-currency, dual-structure deal for Turkish clothes retailer DeFacto. The $125mn sustainability-linked facility comprised both Murabaha and conventional tranches, setting a new benchmark for the retail fashion industry.

“With a deep structuring expertise, wide product offering and unparalleled distribution network, our regional syndicated loans platform stands out for spearheading complex and first-of-their kind financings,” says Rita Korkmaz, HSBC head of syndicated loans and leveraged finance, Menat.