Thomas Monteiro, Author at Global Finance Magazine

Price Of Protection: Inside The Global High-Stakes Response To Tariff Turmoil

Thomas Monteiro — Tue, 08 Jul 2025 16:00:50 +0000

To find out how companies are coping with rising trade tensions and currency volatility, we asked our writers across key regions—Southeast Asia, Japan, India, and the United States—to speak with manufacturers and exporters on the ground.

Table of Content
SOUTHEAST ASIA
INDIA
JAPAN
UNITED STATES

The picture that emerged is one of caution, adaptation—and, above all, unpredictability. While some companies declined to comment or requested anonymity, others offered a window into how they’re navigating the volatility.

A few, including firms both outside and within the US, pointed to short-term advantages. But most described a landscape where contingency planning, hedging, and “wait-and-see” strategies have become the norm.

No one claimed to be immune. And all agreed on one thing: the situation is fluid, and it could change again—quickly.

Southeast Asia

Bill Padfield, CEO of Salamander Associates—VC Business Consulting

Salamander has been closely monitoring the ripple effects of US trade policy across Southeast Asia. Padfield argues that the tariffs promulgated by the Trump administration have generated enormous hesitation in the business community. “First the pause button goes on; capital investment is halted, hiring is halted,” he adds.

In Southeast Asia’s technology manufacturing sectors, steel is a critical component. “Tech manufacturers often have steel in products,” Padfield says. “For Singapore, we have a 10% tariff, so life goes on—except what if we need steel?”

If a company’s product contains 40% steel, the ambiguity is paralyzing, he adds. “[The manufacturer] has no idea at this point how to calculate and adjust, so he cannot safely procure or price his product.” Padfield also warns of a broader, looming concern: “And so far, tariffs have been on physical products. What about services and capital flows? Will services be included and if so when … this is a grim worry for Singapore, Hong Kong, and Dubai.”

Gary Dugan, CEO of the CIO Office of Milltrust’s East West Private Wealth—Multi-Family Office Services

Dugan sees a clear shift underway. “Business leaders are actively seeking non-US solutions for customers and suppliers for their future growth. The US may be the largest economy in the world but now it is fast becoming one of the most unreliable.”

Simple risk mitigation for a company is now “how do I reduce my exposure to US policy making?” Encouraged by talk of new free trade zones elsewhere in the world, companies are actively exploring new manufacturing bases such as the Middle East, where there is an abundance of support from the governments in the form of ultra-low taxes, land, workers, and top-class logistics.

Vietnam

As the US considers reimposing steep tariffs on Asian imports, business leaders in Vietnam are watching closely. From M&A advisors to food exporters, the proposed trade shifts under the Trump administration could reshape everything from pricing strategies to regional market priorities. Nguyen Dung Yoong, CEO of advisory firm Ideainvest; Ignas Petrusis, founder of Saigon Fruits; and other company executives, share how they’re preparing their businesses—and their partners—for a more protectionist US trade environment.

Nguyen Dung Yoong, founder and CEO Ideainvestor—SME Consulting

Nguyen Dung Yoong, founder and CEO Ideainvest

Global Finance: How is your company reacting to Trump’s tariff plans?

Nguyen Dung Yoon: Ideainvestor, while not a direct exporter, works closely with a network of SMEs across Vietnam and Southeast Asia—many of whom are active in electronics, agri-processing, light manufacturing, and textile garment. The Trump-era tariffs have added volatility and margin pressure to these sectors, and further escalation would intensify the challenge.

GF: Are you finding solutions to the tariff challenges?

Yoon: To support our partners, we’re piloting an AI-based platform that assesses SME resilience across financial, operational, and customer dimensions—enabling targeted interventions such as supplier diversification or contract restructuring. This gives us a real-time view of tariff exposure across our ecosystem.

GF: Will expanding to other markets be essential if the proposed tariffs come in full force?

Yoon: If reciprocal tariffs on Vietnam are imposed, we expect upward pressure on wholesale and consumer pricing. That said, we see strong opportunities in APAC—particularly in Japan, South Korea, and India—and are advising our partners to deepen these opportunities.

Ignas Petrusis, founder of Saigon Fruits—Food Export-Import Company

GF: Have the Trump tariffs had a material impact on Saigon Fruits’ business partners?

Petrusis: At first, contracts with importers in America came on short hold as soon as the tariffs were announced. Later, once Vietnam and America agreed on a “90-day break,” demand and inquiries triple-folded. So far, we’re optimistic about the negotiations. It would be difficult to shift production elsewhere because we’d need to move our food technologists, equipment, and allocate new managers. That would cost us much more in terms of cost, time, and effort. It’s easier to simply “split the cost” between the importer in the US and our company, Saigon Fruits.

Ignas Petrusis, founder Saigon Fruits

GF: What happens to wholesale/retail prices if the proposed 46% reciprocal tariffs on Vietnam come into effect?

Petrusis: Supposedly, export prices should—in my humble opinion—drop a little bit to relieve the burden on the customers.

GF: How significant will APAC be as a buyer of Saigon Fruits’ affiliates’ products going forward?

Petrusis: Some countries like Thailand and Cambodia have similar climate zones and product variety. As for highly advanced economies like Japan, China, or Korea—we’ve seen steady and growing export volumes to those destinations. Nevertheless, we’re also seeing growing demand in countries like Uzbekistan, Kazakhstan, and others in the Middle East. They could be a promising new market for our products.

GF: What is the mood among food exporters in Vietnam right now? Is there any optimism?

Petrusis: Vietnam wasn’t the only country affected by the tariffs. For instance, if Cambodia or China were to receive higher tariffs after the final negotiations, it would boost Vietnam’s competitiveness in terms of cost base for the importer. At least among our colleagues, partners, and suppliers, the mood is optimistic—many believe exports will keep rising. Furthermore, Vietnam has at least 16 active Free Trade Agreements, including the ones with Europe, South American, and Middle East countries. It is truly a showcase of good negotiation skills and win-win thinking implementation from the Vietnamese side.

Bruno Jaspaert, CEO of Belgium-based DEEP C Industrial Zones—Industrial Zone Developer and Operator

As Vietnam prepares for the potential return of steep US tariffs under the second Trump administration, industrial real estate leaders like DEEP C are keeping a close eye on the ripple effects. The company, which operates five eco-industrial parks across Haiphong City and Quang Ninh Province, is one of Vietnam’s largest zone developers.

GF: Have the Trump tariffs had a material impact on DEEP C’s business?

Bruno Jaspaert: So far, there has been no impact as zero projects have been delayed or canceled so far. Initially, there was concern that some investors might reconsider their plans. However, an assessment of all companies slated to acquire land in DEEP C industrial zones across Hai Phong and Quang Ninh this year revealed that none of these projects will be postponed or aborted. This indicates that companies which have committed to investing are currently sticking to their plans, which is a positive sign.

Bruno Jaspaert, CEO at DEEP C Industrial Zones

GF: Have DEEP C’s customers formulated a strategy to mitigate tariff impact?

Jaspaert: We generally see two distinct groups. One group says it’s too difficult to predict future events and chooses to continue with their plans, confident that their current strategy is the best course of action for now. The other group expresses uncertainty due to market volatility and unknown future measures the US will take, opting to wait before committing. This second group currently represents the minority; the majority of companies are proceeding with their strategies.

GF: Is there likely to be an impact on DEEP C’s customers’ wholesale/retail prices if the proposed reciprocal tariffs on Cambodia come into effect?

Jaspaert: Most of DEEP C’s customers are focused on manufacturing of goods that do not focus on the US as the main market. The segments that are hit worst are typical low-margin markets, such as furniture, sport goods, garments, and textiles—of which we have none with Washington, D.C.

GF: How significant will markets outside the US—i.e., APAC, Europe or Canada—be as a buyer of your customers’ products in the domestic industry going forward?

Jaspaert: The US stands for 300 million consumers. The TAM (total addressable market) for the consumer in Asia is worth $4 billion. If tariffs make the US a prohibitive market, companies will adapt and lean toward other markets or aim for more intra-Asian trade.

GF: What is the general mood among exporters in Vietnam right now?

Jaspaert: Except for the heaviest hit markets, most distributors are sticking to a “wait-and-see” approach. Companies cannot change their strategies overnight and definitely not every 90 days. Rather than diving in, they are awaiting the final call before making strategic adjustments. Those companies that are hit badly are currently running at full speed to export the most to benefit from the current 10%.

India

Indian companies are also weighing the ripple effects on global supply chains, trade relationships, and cost structures. From tech consulting to textiles and industrial manufacturing, Global Finance spoke to two India-based executives on how policy shifts may reshape sourcing decisions and create new market opportunities.

Deepak Jajoo, CFO of Delaplex Limited—Technology and Consulting Services

“While services are currently not subject to tariffs, we provide technology and consulting services to a broad range of US-based industries such as energy, warehousing, logistics, etc. The primary impact of such policy changes is likely to be on manufacturing and physical goods. Since the policy details are yet to be finalized, we believe the changes will not have a major effect on the IT industry at this stage.”

Sabu Jacob, Chairman and Managing Director of Kitex Group—Textiles and Apparel Manufacturing

“The US has paused [some] tariffs, leaving some uncertainty for buyers about where to source their products, but even if these tariffs take effect, India will still be the most affordable option for buyers.”

Sabu Jacob, Kitex Group’s Chairman and Managing Director

Jacob explained that India’s trade relationship with the US is more balanced compared to countries like Cambodia, Vietnam, China, Bangladesh, and Sri Lanka. “India doesn’t just export to the US—it also imports heavily from them. This makes India a valuable trade partner, and the US is looking for more such balanced relationships.” The tariff situation could also push businesses to explore new markets. For instance, the recent India-UK free trade agreement allows 99% of Indian goods to enter the UK duty-free, covering almost all trade between the two nations. “A similar free trade agreement with the EU could open even bigger opportunities for India’s economy.”

Japan

David Semaya, Executive Chairman and Representative Director of Sumitomo Mitsui Trust Asset Management Co., Ltd.—Asset Management

Semaya says Japanese companies are taking a “wait-and-see” approach as tariff negotiations between the US and Japan remain unresolved.

“Regarding the mutual tariffs imposed by the United States, many Japanese companies are currently assessing the situation. Following the US-UK agreement, both the US and Chinese governments have agreed to reduce the additional tariffs they imposed on each other by 115%. As a result, the US will lower its tariffs from 145% to 30%, while China will reduce theirs from 125% to 10%. Since negotiations between the US and Japan are ongoing, and the outcome is still uncertain, Japanese companies are choosing not to finalize any strategies at this moment and are responding according to the present state of negotiations.

“The financial markets have reacted significantly, in terms of stocks, bonds, and currencies, since the mutual tariffs were announced. It is reported that some institutional investors, including hedge funds, have incurred losses. On the other hand, individual investors engaged in practices such as dollar-cost averaging seem to have navigated the situation successfully. Focusing on long-term investments appears to be crucial during these times.”

United States

Tony Sage, CEO of Critical Metals Corp.—Critical Metals and Minerals Supplier

Tony Sage, CEO at Critical Metals Corp.

“For Critical Metals, and the critical minerals space more broadly—tariffs are no stranger to us. We’ve been in our own mini trade war with China for some time now, which really ramped up when they banned their own exports of key rare earths, including gallium, last year. Critical Metals views the push to build a domestic supply chain for critical materials in the US and the West as a positive tailwind for our business. It aligns with our longstanding vision to develop key assets that can help the West reduce its reliance on foreign countries. Our Tanbreez asset in Greenland, a 4.7 billion ton resource, is one of the world’s largest rare earth deposits, and it’s expected to be key in reducing the West’s reliance on China for rare earths.

“It’s also worth noting that the US’s domestic rare earth and critical minerals industry is still in its infancy—the US excluded rare earth elements from the tariff program because the country must rely so heavily on other sources right now. Tariffs may draw more attention to US producers, but what we feel is really going to move the needle is funding and strategic partnerships with US-focused companies to operationalize rare earth mines and refining capacity in the US as quickly as possible. Seeking relief for rare earth export restrictions isn’t enough, we believe the US government needs to back Western developers and help establish refining capacity in particular.

“As we’ve consistently maintained since our founding, securing critical minerals is a non-partisan national security imperative. Our assets provide exactly what policymakers across the political spectrum are seeking—reliable, high-quality resources in politically stable jurisdictions.”

Jeet Basi, President and Executive Chairman of Tactical Resources Corp.—Rare Earths Mineral Exploration and Development

“At Tactical Resources, we see measures to promote the building of domestic supply chains for the United States as a tailwind. We are focused on American assets for American rare earth production and American rare earth supply to support the production of semiconductors, electric vehicles, advanced robotics, and most importantly, national defense. Tariffs are just one tactic, as its broader and bigger than that. While there is economic uncertainty, we are benefiting from a broader geopolitical interest in securing critical mineral supplies in the US. This demand is stemming from both the federal government and the private sector, and we believe that’s only going to increase.

“The bottom line is that China has a substantial lead in the rare earths sector, and the US is racing to catch up. China currently controls roughly 90% of global rare earth production, despite accounting for only about one-third of global deposits. Tactical Resources is planning to change that with our Peak Project, which is one of the only REE hard rock direct-leach-extractable projects in the world, and is located southeast of El Paso, Texas. But tariffs won’t be enough for the US to build an integrated domestic supply chain of rare earths. The industry needs capital, price stability, streamlined permitting processes (efforts are underway for this aspect), and to establish refining capacity as quickly as possible.”

Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.—Custom Electronics Manufacturing Services

Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.

“The Trump administration’s policies are helping our business. For years we couldn’t compete with foreign pricing, but having tariffs in place at least have US companies taking another look at US manufacturing. They are sometimes still choosing to stay with their foreign manufacturers, but for years, we couldn’t even get a conversation started as everyone just assumed US manufacturing would be too expensive. It doesn’t have to be, and we can be fairly competitive in some areas.

“The tariffs aren’t affecting our supply chains too badly. It has increased some costs of our raw materials like the higher-end electronic chips that are only manufactured overseas. That said, it’s fairly small, and we do keep decent in stock inventory for our major customers. Our profit margins are very low, so we inevitably have to pass along any additional tariff charges to the customers. We are doing our best to identify US or lower tariff region alternatives where the cost makes sense. It’s just about being flexible, which we all learned to do during the global parts shortage of 2021.”

Heather Perry, CEO of Klatch Coffee—Specialty Coffee Distributor

“The short story is that some of our costs are going up, immediately, but the longer, more detailed story is that those increased costs are causing us to evaluate our sourcing, importing, and roasting strategies. We need to be smarter to remain competitive in the current environment while still delivering great specialty coffee.

“Other than a very small amount of coffee produced primarily in Hawaii, the United States has essentially no domestic coffee industry. To meet the demand for total US coffee consumption, it’s almost entirely imported. That means there isn’t much of a domestic market to protect using a tariff strategy as a disincentive to foreign imports—and we can’t simply stop importing coffee, no matter what tariffs might be put in place.

“Coffee was already becoming more expensive to source prior to the ‘Liberation Day’ tariffs, with a pretty substantial run-up in prices occurring in the fall of 2024, which accelerated further this spring. A new baseline 10% tariff under the Trump Administration on all imports impacts us on every imported coffee, and in addition to the new 10% baseline, even higher tariffs (in some cases, much higher) were announced for some coffee producing countries like Vietnam and Indonesia. While some of these have since been paused or delayed.

“Uncertainty around the exact details on any specific day are creating some challenges to plan and predict our future costs.”

Heather Perry, CEO of Klatch Coffee

“Our direct-trade model has insulated us somewhat from supply disruptions. Whenever possible, we source directly from coffee producers, leveraging relationships that go back decades in some cases. This results in fewer stops along the supply chain, helping us to control costs. Because we import, store, and roast our own coffee, we can elect to draw down existing stock instead of replacing it at current (higher) market prices, but eventually, we have to replenish our inventory, and that might happen during a time when new tariffs are applied.

“After a very long period of absorbing increases in our costs to import coffee, we raised prices on some coffees on June 1st of this year—about 10 cents per cup of brewed coffee on average—but we’re still selling the same amount of coffee, and at this time, can’t attribute a decline in foot traffic or sales to price increases.”

The post Price Of Protection: Inside The Global High-Stakes Response To Tariff Turmoil appeared first on Global Finance Magazine.

Pix Becomes Brazil’s Top Transaction Method

Thomas Monteiro — Wed, 02 Jul 2025 08:10:00 +0000

As of the end of 2024, Pix, the country’s government-backed system that enables citizens to exchange funds seamlessly via their mobile phones, has become the country’s preferred method of transactions, surpassing cash, credit cards, and traditional interbank electronic transactions.

According to numbers from the Banco Central do Brazil, 76.4% of the country’s 211 million population now use Pix, followed by debit cards at 69.1% and cash at 68.9%.

“Pix has transformed the Brazilian economy; it expanded financial inclusion, formalized part of the informal economy, and gave the government greater visibility into transactions,” explains Reginaldo Nogueira, national director at the Brazilian Institute of Capital Markets (Ibmec).

“It’s not just a payment innovation; it’s a structural reconfiguration of how money circulates and how the state collects revenue,” he adds. According to the Brazilian Banking Federation, there were 68.7 billion Pix transactions in 2024 alone, a massive 52% increase from the prior year, reaching roughly $5 trillion in value.

The massive uptick was due to increasing person-to-business transactions via the system, which recorded a 90% year-on-year jump in 2024, according to a study by Matera Research.

Pix recorded its largest one-day volume on December 20, 2024, when the system handled 252.1 million transactions.

“The central bank’s digitalization agenda, led by Pix, is in full swing and transforming how Brazilians make payments,” said Rodrigo Teixeira, director of administration at the central bank. The central bank aims to expand PIixs functionalities into the credit side, incorporating features such as installment payments and enabling future Pix transactions to be accepted as collateral in lending transactions.

Pix is also growing on the stablecoin side, with the central bank recording a massive increase in Tether (a stablecoin pegged to the US dollar) transactions over Pix this year. Courtnay Guimarães, head of Digital Assets at Bradesco Bank, explains, “With a crypto account and Pix, anyone can convert funds in real time, gaining access to up to 180,000 assets globally.”

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Brazil: JBS Dual Listing Boosts Clout And Concern

Thomas Monteiro — Fri, 13 Jun 2025 17:11:34 +0000

The move, a dual listing in the US and Brazil, aims to tap into greater US dollar flows and increased liquidity. Long term, the company hopes to overtake US-based Tyson Foods in market cap, consolidating as the sole global leader in the sector.

Currently, JBS is valued at roughly $16 billion, with $77.2 billion in revenue as of full-year 2024, compared to a $19.8 billion market cap for Tyson Foods on $53.3 billion in revenue.

But despite the seemingly positive outcome for JBS’ shareholders, the Pilgrim’s Pride parent company’s dual listing remains a contentious topic both internally and externally.

Recently, US Senator Elizabeth Warren raised concerns that JBS’s $5 million donation to the Trump-Vance Inaugural Committee helped get the dual listing approved.

The concerns come on the back of a long history of questionable practices by Joesley and Wesley Batista, the founders and largest shareholders of the company. Back in 2017, the brothers—estimated to be worth roughly $5 billion each—faced six months of incarceration in their home country, Brazil, on bribery charges.

Mighty Earth CEO Glenn Hurowitz also adds that the JBS’ listing raises sustainabilty concerns. “Listing on the NYSE is meant to be a signal to investors that a company is serious about transparency, but JBS has shown its only playbook is hiding the true scale of its destruction, climate emissions, and human rights abuses.”

The dual listing also faced shareholder pushback, passing with just 52% of votes, with claims the plan introduces a dual-class structure that boosts the Batista brothers’ voting power to nearly 85%, up from about 48%. “Investors [ultimately] chose to focus on the stock’s upside potential rather than on governance concerns,” said Igor Guedes, an analyst at Genial Investimentos.

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World’s Best Banks in Latin America 2025

Thomas Monteiro — Tue, 06 May 2025 20:15:31 +0000

With interest rates stubbornly high compared to those set by the US Federal Reserve and European Central Bank, Latin American economies saw GDP growth significantly below the global average of 3.2% in 2024. According to the latest International Monetary Fund estimates, the region’s economy grew by an average of 2.4% during the year.

Yet, despite the challenging macro backdrop, banking institutions across the region managed to capitalize on widened credit spreads. They continued digital-inclusion initiatives to achieve unprecedented profitability and expand customer reach.

On the negative side, projected losses due to nonperforming loans kept growing and are now at around $161 billion for 2025, primarily affecting the region’s major economies, according to S&P Global research.

Regional Winner

Roberto Sallouti, CEO, BTG Pactual

Best Bank in Latin America | BTG PACTUAL

Brazilian operations were once again the star of the show regarding growth, with the country’s banking sector posting a record net income of nearly $22 billion for the whole year. These numbers received a significant boost from a recordbreaking year for BTG Pactual, our best bank in the region for the second consecutive year.

Combining prudent loan-loss reserves, diversified business models, and favorable interest margins, the banking behemoth, based in São Paulo, amassed a record adjusted net profit of around $2.25 billion for the year, up 18% from 2023. Annual revenues reached nearly $4.6 billion, growing 16% compared to the previous year; while fourth-quarter revenues totaled $1.2 billion, up 19%.

The bank’s profit margins, which improved to 34%, were the main reason behind its banner year.

Continued expansion outside of its home country was one reason for the impressive year, with operations in Chile, Colombia, and Peru posting sustained growth. In Chile, the bank kept pushing its compounded average growth rate to 32%. BTG recently disclosed plans to expand its operation into Mexico.

Moreover, through strategic acquisitions such as M.Y. Safra Bank’s US operations, Sertrading, and, most recently, Julius Baer in Brazil, the bank pushed its assets under management by an impressive $45 billion during the year, reaching a record total of $345 billion.

Country, Territory and District Winners

Argentina | BANCO GALICIA

Amid a rebounding Argentine peso, subsiding inflation, and subdued GDP growth, Banco Galicia leveraged the acquisition of HSBC’s Argentina operation to post impressive numbers. Its net income reached nearly $1.5 billion, up 115% from 2023. Fourth-quarter 2024 performance was even stronger, with a massive 311% year-over-year (YoY) increase.

The bank further expanded its market share significantly in private sector loans, where it now holds roughly 13% of the addressable market, and in deposits, commanding approximately 13.8% of the market.

In neighboring Uruguay, the competitive market between Brazilian, Spanish, and local banks reached new heights amid a thriving economy that posted an estimated 3.2% growth for the year, well above the average for the past 10 years, buoyed by commodity exports to the US and a growing economic relationship with China.

Bolivia | BANCO MERCANTIL SANTA CRUZ

Amid a volatile year for Bolivia’s economy, Banco Mercantil Santa Cruz grew its customer base to more than a million clients, thus boosting total assets to nearly $6.3 billion. These numbers also raised the bank’s net profit to a commanding $43.3 million, with a solid ROE of 12.65%. After its impressive performance in 2024, Banco Mercantil now holds a market share of over 15.1% in deposits and 13.75% in gross portfolios in the Andean country.

Brazil | BTG PACTUAL

BTG Pactual also takes our award in its home country, Brazil, where the bank further increased its already-leading market share in areas such as corporate lending, business banking, and asset management.

Chile | BANCO DE CHILE

Amid a roughly 2.6% economic expansion in Chile, boosted mainly by solid exports—particularly in the copper and lithium businesses—and a recovery in domestic demand, Banco de Chile leveraged its leading position in the country to notch sustained profitability.

The bank achieved a return on average capital of 23.1%, significantly outperforming the local industry average of 15.8%. This boosted the giant’s net income to a hefty $1.2 billion for the year, representing the highest capitalization level among its peers.

Colombia | BANCO DE BOGOTA

Banco de Bogota, in neighboring Colombia, made the most of a challenging year for the broader economy and continued to expand its operations to achieve significant profitability. With the country growing at the slow rate of 1.7% for the year, the bank found that financial inclusion via digitalization is the perfect means to thrive.

By serving an impressive 2.5 million digital users per month, executing over 76 million transactions in the course of the year; and with its mobile apps driving 370,000 digital-product placements, the bank achieved a solid 9.3% ROE, growing its assets to roughly $35.2 billion.

Ecuador | PRODUBANCO

In Ecuador, the year was marked by increasing political demonstrations and a slowing economy that grew less than 1%. This was not enough to sour Produbanco’s long-term momentum.

Despite the challenging scenario, the bank reinforced its position as a leader in sustainable banking through significant environmental and social initiatives. In October, the bank received a $100 million investment from the International Finance Corporation to finance biodiversity conservation and restoration projects, climate-smart initiatives, and support for small and midsize enterprises owned by women.

Guyana | SCOTIABANK GUYANA

Scotiabank Guyana takes home our award in that country’s thriving economy. This is the first win for Guyana, which grew its GDP by a massive 43% in 2024—the fastest growing in the world. The bank achieved a 32% YoY increase in net profits, alongside a substantial 24% growth in assets.

Mexico | BANORTE

Mexico’s Banorte demonstrated resilience during a challenging economic period, strengthening its market position and delivering substantial results. With the country experiencing a GDP growth slowdown to a low 1.8% for the year, the bank leveraged its digital infrastructure and broad market presence to maintain momentum.

By serving over 28 million clients through its extensive network of 1,191 branches and 11,284 ATMs, Banorte achieved strong financial performance. Total revenue was $7.5 billion (up 8.5% from 2023) and net income was $3.3 billion (up 7.2% from the year prior).

With total assets reaching a massive $145 billion, Banorte maintained leadership positions in key segments for 2024, including mortgages (19.6% market share) and government loans (27.2% market share).

Paraguay | BANCO ITAU PARAGUAY

Itaú also takes the award in Paraguay, where Banco Itaú Paraguay took significant advantage of a thriving year for the country’s economy—with GDP jumping a massive 4% in 2024, according to the World Bank’s latest estimate—reinforcing the bank’s commitment to sustainable finance and technological innovation.

The bank made significant technological strides in implementing artificial intelligence (AI) and other cutting-edge technologies to enhance operational efficiency and customer experience, further growing its already-leading customer base.

Peru | BANCO DE CREDITO DEL PERU

Also in the Andean region, Banco de Credito del Peru (BCP), Peru’s largest bank with nearly 30% of the country’s market share, took advantage of a rebounding economy to grow on both the customer acquisition and the financial sides.

Observing increased competition in digital banking, BCP went to work, investing over $650 million in a partnership with Microsoft and Kyndryl to modernize the bank’s IT systems using hybrid cloud infrastructure.

On the financial side, fueled by wider interest margins and robust fee revenue, net interest income reached $925 million, up from $858 million a year earlier. In comparison, the bank’s net income climbed to $317 million from $247 million the previous year.

Uruguay | BANCO ITAU URUGUAY

In this environment, Banco Itaú Uruguay recorded a net profit of $155 million in the first half of 2024 alone, achieving an impressive return on equity (ROE) of 41.2%. This performance represents a significant improvement from the same period in the previous year, when ROE was 29.9%.

Venezuela | MERCANTIL BANCO UNIVERSAL

Venezuela’s economy expanded by 3%, thanks to cooling inflation and thriving oil exports, creating opportunities throughout the country. Against this favorable backdrop, Mercantil Banco Universal, winner of our award four years in a row, delivered another impressive performance.

With a robust 38.9% ROE, the bank’s total assets reached $1.2 billion (a massive 78% growth from 2023), while deposits reached $810 million—an impressive 79% YoY growth. These numbers further solidified the bank’s position as a leading financial institution, with market shares of 15.8% in loans and 14.9% in deposits.

Mercantil enhanced its digital ecosystem in 2024 through strategic technological investments. Its MIA AI-powered chatbot handled over 734,600 customer interactions, achieving a 79.7% satisfaction score, while the bank’s Tpago mobile payment platform processed 187 million transactions for 2.5 million users.

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World’s Best Banks In The Caribbean 2025

Thomas Monteiro — Tue, 06 May 2025 15:01:25 +0000

The Caribbean economies have been broadly hit by slowing remittances and a cooling internal labor market. GDP for the Caribbean countries and territories from which our winners are selected is estimated by the International Monetary Fund (IMF) to have grown an average of 2.5% in 2024.

On the banking side, consumer-focused trends such as expanding loan portfolios and digital inclusion were the stars of the show. New customer acquisitions drove sustained numbers across the board despite challenging conditions.

Regional Winner

Audrey Tugwell Henry, CEO, Scotiabank Jamaica

Best Bank in Caribbean | SCOTIABANK

Against this backdrop, Scotiabank, our Best Bank in the Caribbean, de-risked out of its Central and South American operations to focus on unlocking potential in the Caribbean.

As a result, the Canadian giant posted significant growth in its International Banking segment, which generated adjusted earnings of nearly $2.9 billion in 2024, up 11% year over year (YoY).

This increased regional focus also enabled the bank to take home awards in several geographies.

Country, Territory and District Winners

Bahamas | SCOTIABANK BAHAMAS

Scotiabank Bahamas’ continued digitalization efforts proved a game changer, with over 99% of all banking activities now conducted through digital channels. More than 79,000 clients utilize online and mobile banking services.

Barbados | SCOTIABANK BARBADOS

Scotiabank Barbados’ revamped Scotia OnLine Banking platform led the bank to double deposit-account sales YoY. As a result, Scotiabank’s net profits in the country jumped 21.6%, with return on equity surging from 14% in 2023 to an impressive 23% in 2024.

Bermuda | BUTTERFIELD BANK

Butterfield Bank took advantage of its huge margins to achieve above-average profitability in the Cayman Islands and Bermuda. In the latter, it increased its net income by 11.4% YoY. In the former, the secret was an ever-improving efficiency ratio, which posted at 60.4% for the year.

Dominican Republic | BANRESERVAS

In the fast-growing economy of the Dominican Republic, where the IMF estimated GDP growth was estimated at 5.1% for the year, Banreservas leveraged its leadership to become the first Dominican bank to reach 1 trillion Dominican pesos (about $16 billion) in total assets. It continued to lead the market with a 36% share of total assets and 31% of loans.

Jamaica | SCOTIABANK JAMAICA

Scotiabank Jamaica’s efforts to improve customer experience resulted in improved Net Promoter Score (NPS) across all channels: Digital NPS increased 33% to 42%, contact center NPS rose 28% to 32%, and branch NPS had a massive improvement, from 6% to 51.7%.

Puerto Rico | BANCO POPULAR DE PUERTO RICO

Strong loan growth was the secret behind Banco Popular de Puerto Rico’s award-winning performance. The combination of improvement in cost performance and new customer acquisitions led to a solid 10% increase YoY in adjusted net income.

Trinidad and Tobago | SCOTIABANK TRINIDAD & TOBAGO

Scotiabank Trinidad and Tobago’s focus on digitalization drove significant profitability in the country, where digital platforms remain a growth avenue, representing around 72% of total clients as of 2024. It also achieved record-breaking loan growth of $2.1 billion (12%)—its highest single-year increase ever—driven by strong performance in retail and commercial segments.

Turks and Caicos | SCOTIABANK TURKS & CAICOS

Similar trends earned the bank the award for the Turks and Caicos, where increased technological investments by Scotiabank Turks and Caicos helped to secure its leading position in clients and assets.

US Virgin Islands | FIRSTBANK

Increasing loan profitability was also the secret to FirstBank’s thriving year in the US Virgin Islands, where commercial and construction loans related to higher utilization of a government line of credit boosted numbers across the board.

The post World’s Best Banks In The Caribbean 2025 appeared first on Global Finance Magazine.

World’s Best Banks In Central America

Thomas Monteiro — Tue, 06 May 2025 11:59:44 +0000

Amid a slowdown in remittances and a weaker-than-expected gain in tourism, economic growth in Central America lost steam in 2024, dropping from an above-average 2.8% in 2023 to 2.5% in 2024, according to a recent UN Department of Economics and Social Affairs report.

A slowdown in economic activity and stricter US immigration controls raise doubts about growth in the year ahead.

Against a volatile backdrop, new client acquisition via digital channels and increased loan margins were the key strategies for the banking sector, which saw profitability growth despite the macro headwinds.

Regional Winner

Rodolfo Tabash, President and CEO, BAC

Best Bank in Central America | BAC CREDOMATIC

This combination of factors delivers BAC Credomatic the title of Best Bank in Central America. Despite the region’s moderate economic activity, BAC saw net income reach $705 million in 2024, an 18.7% increase from the previous year. The bank’s strong results were driven by robust loan portfolio growth of 12.7%, bringing total assets to around $38 billion.

BAC’s continued digital transformation initiatives were also key, with 62.4% of clients using digital channels and 79% of those clients conducting monetary transactions digitally.

Country, Territory and District Winners

Belize | BELIZE BANK

Belize Bank continued to lead the pack for most financial metrics in its home country. In 2024, the bank posted the highest return on average equity (ROAE) at 23.7%, the strongest return on average assets at 2.9%, and the highest ratio of capital to risk-weighted assets at 26.9%.

Costa Rica | BAC CREDOMATIC

BAC Credomatic also takes the award in its home country of Costa Rica, where it took advantage of the country’s above-average 4% GDP growth to boost total assets by 61% year over year (YoY) to reach over $15.8 million by September.

El Salvador | BANCO CUSCATLAN

Banco Cuscatlan’s continued investment in digital inclusion helped fuel it performance in El Salvador despite a slowing economy. The bank launched a completely revamped digital banking app, attracting over 35,000 new customers and facilitating the creation of more than 141,000 fully digital accounts.

Guatemala | BANCO INDUSTRIAL

The combination of above-average economic activity in Guatemala with unique market positioning was the secret behind Banco Industrial’s phenomenal year.

By leveraging its dominant 28.1% market share in total assets, the bank delivered stellar performance metrics with a 12.4% expansion in the loan portfolio and an industry-leading 19.7% ROAE. These results were buoyed by sustained digital investments, with the bank’s Zigi app helping to drive new client acquisition.

Honduras | BANCO FOCOHSA

In Honduras, digital inclusion likewise was the key driver of performance for Banco Ficohsa. Despite the overall slowdown in remittances from the US, the bank continued its solid uptrend in profitability, with assets increasing 8%, loans rising 15%, and deposits growing 9% into June 2024.

Nicaragua | BANCO LAFISE BANCENTRO

Nicaragua suffered an even more pronounced drop in economic activity, from a hefty 4.6% in 2023 to 3.6% in 2024, according to IMF data. But decreasing remittances, which also contributed to the drop, were not enough to prevent Banco LAFISE Bancentro from posting sustained growth. The multiyear winner leveraged its leading position in the country to post solid numbers as the bank’s loan portfolio reached over $1.1 billion, growing at an accelerated rate of 24% compared to 14.4% the previous year. Total assets grew by nearly 7.4% while customer deposits increased 13.4%.

Panama | MERCANTIL BANCO

n Panama, amid a slowing economy, Mercantil Banco outperformed its peers. Book value expanded approximately 2.8 times, from $87 million to $246 million.

On the loan side, the bank increased its portfolio by 13% to reach nearly $2.5 billion in 2024. Assets increased to $3.5 billion, representing 8% annual growth compared to the market’s 3% while deposits rose to roughly $2.85 million.

The post World’s Best Banks In Central America appeared first on Global Finance Magazine.

World’s Best Investment Banks 2025: Global And Country Winners

Thomas Monteiro — Sat, 05 Apr 2025 20:52:07 +0000

Best Investment Bank: BofA Securities

Against the backdrop of a thriving year for global stock markets and increased activity in the debt spectrum, Bank of America (BofA) Securities managed to catapult its global operations to capture an impressive 43% year-over-year jump in investment banking fees as of the fourth quarter of 2024.

The numbers were buoyed mainly by the bank’s three main areas of operations: North America, Latin America, and Europe, where the bank controlled a commanding 8.3%, 9%, and 4.4% of the total investment banking fees, respectively. As a result, the bank’s revenue for the full year jumped to nearly $5.5 billion, according to Dealogic data, representing around 6.2% of the global investment banking market.

BofA also scored big on M&A despite the somewhat subdued activity, serving as the lead financial adviser for the buy side in the $1.9 billion acquisition of Hawaiian Airlines by Alaska Air, completed in September 2024. The bank also acted as the sole financial adviser for the buy side on Keurig Dr Pepper’s $990 billion acquisition of energy beverage company GHOST. —Thomas Monteiro

Best Bank For IPOs: Morgan Stanley

Morgan Stanley solidified its status as the top global IPO bookrunner, leading the industry with over $7 billion in deal value across 65 IPOs, according to Dealogic. The firm guided several high-profile companies to successful public market debuts across diverse sectors.

Notable transactions included Scottsdale, Arizona-based aircraft maintenance services provider StandardAero’s $1.44 billion IPO in September, which priced above expectations; and Irvine, California-based Ingram Micro’s October IPO, which raised $409.2 million to support debt reduction. Morgan Stanley also played a critical role in Mexico City–based BBB Foods’ February IPO, helping raise $589 million. Morgan Stanley’s active involvement in Japan’s IPO landscape, which saw a 45% uptick compared to 2023, is also noteworthy. With Nomura, Morgan Stanley handled the IPO of Tokyo computer memory manufacturer Kioxia, which had an indicative market value of about 750 billion yen (about $5.1 billion). By consistently securing key mandates and driving strong market performances, Morgan Stanley reinforced its position as a dominant force in the investment banking and capital markets arena. —Anthony Noto

Best In Emerging Markets: Itaú BBA

Amid a year filled with ups and downs for emerging market economic activity, Itaú BBA leveraged its suite of offerings to help sustain the region’s long-term economic dynamism. As the broad nearshoring trend coincided with a pause in the ongoing cycles of interest rate cuts in the region, primarily due to rebounding inflation, securing the best deals took rare expe-rtise. Among the year’s top deals in emerging markets, Itaú BBA acted as the global coordinator for the $2.7 billion privatization of water and sanitation company Sabesp, the largest sanitation offering in Brazil’s history and the third-largest globally in 2024. The bank also managed Mallplaza’s $326 million capital increase, one of the region’s top follow-on offerings of the year. In M&A, Itaú BBA advised on the $300 million sale of 22 hotels in Brazil to BTG Pactual and on Cantu’s merger with GP Pneus, valued at about $139 million. —TM

Best In Frontier Markets: KFH Capital

A fog of trepidation is spreading across most frontier economies. US President Donald Trump’s decisions to instigate tariff wars, tussle with the Federal Reserve over interest rates, and freeze foreign funding are bound to reverberate across most countries. While it’s hard to predict how damaging the impacts will be, companies in frontier markets must be creative in order to meet their financing needs.

KFH Capital remains dedicated to offering innovative capital solutions. Last year, the Kuwaiti company achieved a remarkable milestone, closing 22 transactions worth $24 billion. This was a significant increase from 12 transactions, valued at $7 billion, in 2023. A leading Islamic investment house, focused mainly on Arab countries, KFH Capital is a powerhouse in sukuk issuances. In 2024, it advised 16 clients, ranking high on the Bloomberg League Table. A differentiating edge for KFH Capital is innovation. Last year, it introduced the Wakala/Murabaha Sukuk structure, which is attracting interest from many sovereign wealth funds. —John Njiraini

Best Investment Bank For Sustainable Financing: Societe Generale

With persistently high rates pressuring the ESG market, global sustainable-bond issuances remained nearly flat last year at about $1 trillion, according to Moody’s. The agency expects them to stay at about the same level in 2025. Despite this challenging backdrop, the Societe Generale (SocGen), the French giant and global leader in ESG, found growth in several markets outside the usual Europe-North America axis.

Among the bank’s main deals last year, in January it acted as a joint bookrunner for Chile’s record-breaking $1.7 billion social bond. Just one month later, in a similar offering, the bank served as joint bookrunner for Romania’s €2 billion (about $2.2 billion) green bond issue.

SocGen acted as a joint bookrunner on Mizuho Financial Group’s groundbreaking $1.3 billion green bond issuance in Japan. Again in the APAC region, the bank participated in the $1.5 billion green bond issued by Australia’s National Broadband Network. The bank was also a joint bookrunner on the French social welfare agency CADES’ landmark €4 billion social bond. —TM

Best Multilateral Finance Institution: European Bank for Reconstruction and Development

Despite remaining wholly committed to sustaining vital infrastructure and business lines in Ukraine last year amid its ongoing war with Russia, the European Bank for Reconstruction and Development (EBRD) did not lose sight of its commitment to supporting countries and businesses in their long-term sustainable-energy transition goals. With key participation on both fronts, the bank poured in a record-breaking $17.2 billion in 2024, a massive 26% year-on-year incerease.

As underlined by EBRD President Odile Renaud-Basso, it was not solely in the numbers but also the quality that improved, with directed investments transforming the business outlook in places like Moldova, Kazakhstan, and Kyrgyzstan—as well as in Ukraine. “Demand for our unique business model of financing, combined with policy advice, grows with every year that passes,” Renaud-Basso said in January. Among the countries benefiting most from EBRD’s targeted investments, Kazakhstan received close to $1 billion in funds. The bank also deployed over €2 billion (about $2.16 billion) in Ukraine, mostly via private partnerships. —TM

Best Bank For Client-Facing Technology: BBVA

With more than $3.2 billion invested last year to boost its already excellent technological offering, BBVA kept pushing the investment banking envelope in both financial offerings and client-facing structure, with a laser-sharp focus on artificial intelligence. Among the Spanish giant’s main initiatives in the field was the purchase of 3,000 ChatGPT Enterprise licenses now being utilized to enhance customer assistance and offerings, particularly in legal queries and in-app improvements.

The Madrid-based bank rolled out digital infrastructure improvements, facilitating the onboarding of new clients and the day-to-day operation of its existing customer base. For the former, BBVA’s new end-to-end digital onboarding for business customers has driven around 30% of new customer acquisitions since launch. For the latter, the bank significantly improved its digital cash management capabilities, reducing customer costs by migrating over-the-counter branch transactions to electronic transactions that function seamlessly 24/7. —TM

Best Bank For New Financial Products: Banco BTG Pactual

In a year when Latin American markets proved more volatile than usual, BTG Pactual’s consistent efforts in expanding its first-class suite of offerings proved key to clients looking for opportunities to diversify. Given the growing performance disparity between Latin American and US markets, the São Paulo–based bank opened new offices in New York and Luxembourg, increasing the geographical reach of its offerings. Among Banco BTG Pactual’s new products was a US Treasury and corporate bond portfolio, directly traded in US dollars. The offering helps complement a broader strategy that provides customers with direct access to US equities in dollar terms. The bank also increased its cryptocurrency offering by listing its dollar-pegged BTG Dol stablecoin on the Crypto.com exchange. The move allows clients to trade BTG Dol directly with leading global cryptocurrencies such as bitcoin and ethereum. —TM

Best Investment Banks 2025 — Global Winners
Best Investment Bank	BofA Securities
Best Investment Bank for Infrastructure Finance	Standard Chartered
Best Equity Bank	J.P. Morgan
Best Debt Bank	BofA Securities
Best M&A Bank	Goldman Sachs
Best Bank for IPOs	Morgan Stanley
Best in Emerging Markets	Itaú BBA
Best in Frontier Markets	KFH Capital
Best Investment Bank For Sustainable Financing	Societe Generale
Best Multilateral Finance Institution	European Bank for Reconstruction and Development
Best Bank for Client Facing Technology	BBVA
Best Bank For New Financial Products	Banco BTG Pactual

Country Winners
AFRICA
Angola	Standard Bank
Egypt	EFG Hermes
Ghana	Absa
Kenya	Stanbic Bank Kenya
Mauritius	Absa
Morocco	Attijariwafa
Mozambique	Standard Bank
Nigeria	Chapel Hill Denham
South Africa	Rand Merchant Bank
ASIA-PACIFIC
Australia	UBS Australia
China	China Construction Bank
Hong Kong	UBS HK
India	Jefferies India
Indonesia	UBS Indonesia
Japan	Nomura
Kazakhstan	Jusan Invest
Malaysia	Maybank
Mongolia	Khan Bank
New Zealand	Macquarie Bank
Pakistan	Habib Bank
Philippines	BDO Capital and Investment
Singapore	DBS
South Korea	KB Financial
Taiwan	CTBC
Thailand	Siam Commercial
Vietnam	SSI
CENTRAL & EASTERN EUROPE
Armenia	Ameriabank
Georgia	TBC Capital
Poland	Bank Pekao
Turkey	Akbank
LATIN AMERICA
Argentina	Citi
Brazil	Banco BTG Pactual
Chile	Banchile Citi Global Markets
Colombia	BBVA
Dominican Republic	Banco Popular Dominicano
Ecuador	Citi
El Salvador	Banco Agrícola
Mexico	BBVA Mexico
Panama	Mercantil Servicios Financieros Internacional
Peru	Banco de Crédito del Perú
Puerto Rico	Banco Popular de Puerto Rico
MIDDLE EAST
Bahrain	SICO BSC
Jordan	Arab Jordan Investment Bank
Kuwait	KFH Capital
Qatar	QNB Capital
Saudi Arabia	SNB Capital
UAE	Emirates NBD Capital
NORTH AMERICA
Canada	CIBC
United States	Goldman Sachs
WESTERN EUROPE
Austria	Erste Group
Belgium	BNP Paribas Fortis
Cyprus	Bank of Cyprus
Denmark	Nordea
Finland	Nordea
France	BNP Paribas
Germany	Deutsche Bank
Greece	Eurobank Ergasias
Iceland	Arion Bank
Italy	Intesa Sanpaolo
Netherlands	ING
Norway	Nordea
Portugal	Millennium Investment Banking
Spain	BBVA
Sweden	Nordea
Switzerland	UBS
United Kingdom	HSBC

World’s Best Investment Banks 2025: Global Winners By Sector

Thomas Monteiro — Sat, 05 Apr 2025 20:51:51 +0000

The top three sectors when it comes to dealmaking, according to McKinsey, are global energy and materials (GEM); telecom, media, and technology (TMT); and financial services. “You saw some big [TMT] deals in the US, but also here in Europe,” McKinsey’s Mieke Van Oostende, a senior partner in Brussels and co-leader of the consultancy’s global M&A practice, tells Global Finance. “Another sector that made a major jump is banking, which includes private equity.”

The GEM sector’s wave of M&A was driven by the race for resource security. Industry giants executed transformative deals, signaling strategic shifts toward renewables and integrated energy solutions.

One of the year’s largest transactions was Diamondback Energy’s $26 billion merger with Endeavor Energy Resources. Mineral resources also took center stage. Rio Tinto purchased miner Arcadium Lithium for $6.7 billion; lithium is considered vital for the electric-vehicle and battery-storage industries.

Meanwhile, Abu Dhabi National Oil Company finalized its acquisition of the major German chemical company Covestro for over $16 billion. Also in Europe, the Spanish multinational electric-utility company Iberdrola acquired an 88% stake in the UK’s Electricity North West for €2.5 billion (about $2.7 billion). The transaction supports Iberdrola’s focus on electricity grids as the continent increasingly prioritizes grid resilience and modernization.

In the TMT sector, the UK’s Competition and Markets Authority approved a $19 billion merger between telecommunication companies Vodafone UK and Three UK, creating a mobile network provider with more than 27 million customers. In Italy, Telecom Italia sold its landline network to US fund KKR for €22 billion, with the Italian government acquiring a 16% stake in the network. In Australia, TPG Telecom sold its fiber-and fixed-network infrastructure assets to Vocus (owned by Macquarie Asset Management and superannuation-fund Aware Super) for A$5.25 billion ($3.3 billion).

Van Oostende expects banking consolidation to continue, as more countries look for “soft landings” thanks to lowering interest and inflation rates. —Anthony Noto

Global Winners By Sector

Financial Institutions: UBS

In 2024, UBS showed strong net profit and high client activities. The Swiss giant’s underlying transaction-based income is up by double digits with strong revenue growth in global banking and global markets. It also granted or renewed over CHF70 billion (more than $79 billion) of loans in Switzerland throughout the year. UBS also advised Swiss financial services company SIX Group on its acquisition of Aquis Exchange for 225 million British pounds ($291 million), a move that bolstered the European exchange market.

This year, UBS expects attractive capital returns to continue, accruing around 10% growth in dividends per share. The bank plans to repurchase $1 billion in shares in the first half of 2025 and an additional $2 billion in the second half. —Lyndsey Zhang

Healthcare: J.P. Morgan

J.P. Morgan’s effort to generate dealmaking and business dialogue through its annual Healthcare Conference continued to pay off last year, despite a challenging time for deals in general.

With healthcare and life sciences M&A deal volumes down a hefty 28% for the first 10 months of 2024 compared with the same period in 2023, according to Bain & Co. research, the mammoth bank still managed to participate as a key adviser in several of the sector’s main transactions. In the landmark $16.5 billion acquisition of Catalent by life sciences investor Novo Holdings, completed in December—the sector’s largest for the year—the bank acted as a lead financial adviser for the sell side. It also had a key role as exclusive financial adviser to International Flavors & Fragrances in the sale of its pharma-solutions business to the huge French food-ingredient maker Roquette for $2.85 billion. —Thomas Monteiro

Industrials/Chemicals: Bradesco BBI

Brazil’s Bradesco BBI sponsored several of the most important deals of the year in industrials and chemicals. Amid a volatile year in the Brazilian market, variety and quick anticipation of market trends were the keys to the bank’s success. It sponsored deals ranging all the way from M&A to equity notes and corporate bonds.

In the public sector, Bradesco BBI acted as a bookrunner for Petrobras’ $1 billion issuance of dollar-denominated global notes due in 2035. In the private sector, it acted as the lead coordinator of bioethanol and sugar titan Cosan’s $500 million note issuance. Bradesco also advised Brazilian oil and gas producer Enauta in its merger with 3R Petroleum for approximately $1.2 billion—a landmark deal for the sector. In industrials, the bank acted as a bookrunner for automobile components maker Iochpe-Maxion’s $130 million corporate debt issuance, as well as Ford’s and Toyota’s bond offerings of $500 million each. —TM

Infrastructure And Project Finance: European Bank for Reconstruction and Development

It was a record-setting year for the European Bank for Reconstruction and Development (EBRD), with more than $17 billion invested in infrastructure and development projects globally, representing a 30% increase in year over year. More important than the dollar value, however, was the sheer impact of the EBRD’s many initiatives. It have helped support positive change from the reconstruction of Ukraine to vital green-energy lines in Central Asi to generating key agricultural infrastructure in Moldova. In Ukraine, the bank deployed $2.6 billion aimed at promoting energy security as well as vital infrastructure, and food security; and at sponsoring trade in the war-torn country. In Central Asia, the bank deployed more than $2.5 billion in 121 projects across six countries, nearly double the amount it invested in 2023. A whopping 61% of these projects aimed to boost sustainable infrastructure projects in the region. —TM

Metals And Mining: BMO Capital Markets

With metals prices on the rise, miners worldwide defied the persistently high interest rate environment to post a 4% year-over-year rise in dealmaking volumes. BMO, the global leader in metals and mining advisory and this year’s award winner, played a key role in securing the sector’s largest deals of 2024.

The Canadian giant advised on 12 key transactions, valued at over $18 billion. Among them, it acted as joint bookrunner on Cleveland-Cliffs’ offerings to fund its $2.8 billion acquisition of Canadian steel maker Stelco. It also advised Stelco from the sell side on the M&A transaction. BMO advised gold mining and exploration company Centamin on its sale to AngloGold Ashanti for $2.5 billion, one on the largest gold deals of 2024. On the IPO side, BMO acted as the bookrunner of Sprott Physical Copper Trust’s $110 million sale. —TM

Power/Energy: Citi

For the first time since the 2021 M&A bonanza, the energy sector saw more than $400 billion in acquisitions last year, according to Bain & Co. research. The numbers were mainly pulled by 10 megadeals, with many midsize deals helping sustain the uptick.

Citibank leveraged its historical sector leadership position to help secure some of 2024’s most important deals. In the blockbuster, $26 billion Diamondback Energy and Endeavor Energy Resources megamerger, it acted as the sole provider of committed bridge financing and led the term loan issuances and senior notes offerings for the buy side. It then served as the M&A and capital markets adviser to Diamondback. Citi also played a leading role in natural gas producer EQT’s purchase of Equitrans Midstream, which helped create the only large-scale, vertically integrated US natural gas business. —TM

Sports Finance: Rothschild & Co

Boutique M&A advisory Rothschild & Co outperformed in the booming sports-betting industry and in direct advisory services for sports clubs. In the latter category, the bank played a key role in Tottenham Hotspur Football Club’s equity injection during a year of significant losses for the Premier League club. Rothschild is now reportedly in talks with investors for a mega sell of the club’s assets at a nearly $4.5 billion valuation. The bank is also working with West Ham United FC to bring in new investments that could increase the club’s competitiveness. Also in the UK, Rothschild has engaged with West London’s Brentford FC to raise investment offers that could potentially value the club at over $500 million. On the other side of the Atlantic, Rothschild played a key role in sports-betting company DraftKings’ acquisition for $195 million of Simplebet, serving as the exclusive adviser to the sell side. —TM

Technology, Media, And Communications: Centerview Partners

It was a banner year for Centerview Partners. The still-private boutique advisory firm—one of the few left in the business—amassed a record-breaking 5.35% share of US M&A advisory fees in 2024, primarily focused on communications and tech M&A. In the New York-based firm’s most notable transaction of the year, it scored big by advising Paramount’s special committee in the $8.4 billion merger with Skydance Media. With significant backlash from Paramount Group’s shareholders, the complex deal required top-level advisory. The bank also served as an exclusive financial adviser on the sell side for global investment firm Permira’s acquisition of all-in-one content management system company Squarespace for $7.2 billion. Further showcasing its ability to work in complex situations, the firm served as an adviser to media behemoth Disney in its proxy dispute against activist investors Trian Partners and Blackwells Capital, as well as in Disney’s settlement with ValueAct Capital. —TM

Best Investment Banks By Sector 2025
Financial Institutions	UBS
Healthcare	J.P. Morgan
Industrials/Chemicals	Bradesco BBI
Infrastructure & Project Finance	European Bank for Reconstruction and Development
Metals & Mining	BMO Capital Markets
Power/Energy	Citi
Sports Finance	Rothschild & Co
Technology, Media & Telecommunications	Centerview Partners

World’s Best Investment Banks 2025: Regional Winners

Thomas Monteiro — Sat, 05 Apr 2025 20:51:35 +0000

Advisers enjoy an uptick in M&As and IPOs despite geopolitical uncertainty; whether 2025 maintains the energy remains to be seen.

The global mergers and acquistions (M&A) market might not have fulfilled every dealmaker’s fantasy of a roaring comeback in 2024. Still, every major region posted double-digit gains despite being tossed about by waves of geopolitical uncertainty.

Among the largest deals that were announced: Capital One Financial Corporation’s $35.3 billion purchase of Discover Financial Services, Synopsys’ $35 billion takeover of Ansys, and Mars’ $35.9 billion acquisition of Kellanova.

Resilience, coupled with some slightly sunnier macroeconomic conditions, suggests that M&As and initial public offerings (IPOs) in 2025 could maintain momentum—despite certain aspects of corporate finance currently being on the downtrend.

At last check, global M&A is down 7% in 2025 compared to 2024; in the US, it’s down 32%.

IPOs, however, are enjoying a surge. They’re up 44% across the globe, 144% in the US, 137% in Japan, and 255% in the Middle East and Africa. In Europe, IPOs are down 19%. The top five IPOs by valuation in 2024 were Lineage on the Nasdaq ($5.1 billion), Hyundai Motor India in Bombay ($3.3 billion), Puig Brands in Madrid ($2.9 billion), Galderma Group in Switzerland ($2.6 billion), and CVC Capital Partners in Amsterdam ($2.5 billion). —Anthony Noto

Africa: Rand Merchant Bank

Dealmaking in Africa has rebounded, due to declining interest rates and inflation. A positive outlook for company earnings and a stronger consumer are also contributing to the trend. The pace should pick up further as African sovereigns refinance $20 billion of maturing eurobonds in the immediate future. “Deal activity will continue, owing to increased confidence and stable macroeconomics,” says Robert Leon, co-head of Rand Merchant Bank (RMB) Investment Banking. RMB has been a prominent player in this exciting environment, thanks to its relentless focus, deep sector insights, best-in-class structuring capabilities, and global reach.

The listed bond market is one place where RMB dominates, having arranged $1.9 billion in bonds across over 30 issuances. The majority were in sustainable finance, where the bank has committed to facilitate $10.9 billion of sustainable and transition financings by 2026. Having posted $730 million in normalized profit before tax in 2024, RMB remains upbeat. Its huge portfolio of deals in Africa includes the $1.2 billion Chappal Energies acquisition of Equinor Nigeria and the R8.5 billion (about $464 million) IPO for discount grocery retailer Boxer.

—John Njiraini

Asia-Pacific: DBS

DBS, Singapore’s largest bank, reported an inpressive 2024, with an 11% increase in net profit and 18% return on equity. Unlike most organizations in which executives and senior managers are granted significant bonuses in successful years, DBS established a one-time bonus plan for all staff, not including senior managers. Also in 2024, DBS demonstrated its commitment to corporate social responsibility by setting aside a significant portion of profits to support vulnerable communities.

The bank also increased its dividend payout this year to S$6.3 billion (about $4.7 billion). That’s up 27% from 2023. Additionally, the bank announced an S$3 billion share-buyback program as a broad initiative to return excess capital to shareholders over the next three years. According to the departing CEO Piyush Gupta, DBS will keep increasing the dividend by six cents per Singapore dollar in each coming year.

Part of DBS’s success last year came from wealth transfer in Asia between the first and second generations. With its strong products, service, and reputation in business, commercial, and corporate banking, DBS looks to keep developing its investment bank to serve next-generation clients’ investment needs and preferences.

—Lyndsey Zhang

Central And Eastern Europe: Bank Pekao

It was a notable year for investment banking in Central and Eastern Europe, with investment volumes jumping by around 70% year over year, Colliers reports. Against this thriving backdrop, Bank Pekao found itself perfectly positioned to leverage its superior offerings in the debt, loan, and equity businesses, pushing the bank to a record-breaking near-$3 billion in revenue for the full year of 2024. In the debt business, the bank posted a commanding 40% of Polish market transactions, having participated in the arrangement and placement of all the major bond deals in the local market, including all benchmark transactions for key domestic corporates. The bank also thrived in M&A and fundraising, serving as a sell-side adviser to Kodano in its acquisition by the Vinci Da Gama Fund. The bank now eyes further expansion in the region, with Lithuania as the primary target. —Thomas Monteiro

Latin America: Banco BTG Pactual

The largest investment bank in Latin America, BTG Pactual, did not slow down in 2024 despite the volatile year in its home country, Brazil. With continued improvements in the bank’s already-leading global offering for local investors, the investment banking division notched a massive $420 billion in revenue for the full year of 2024—a fantastic 30% increase over the year prior. BTG also ranked first in the region in terms of both number and volume of deals for M&A and investment banking revenue, maintaining its leading position in the region’s highly competitive risk-investment segment.

Among the bank’s main transactions during the year, BTG was the sole adviser of the sale on international shipping line MSC of the Brazilian shipping company and port operator Wilson Sons for 4.35 billion Brazilian reais (about $749 million). The bank also acted as a key adviser to the majority shareholders in the $400 million Brooksfield deal with shopping mall chain Iguatemi. —TM

Middle East: Emirates NBD Capital

Our winner is the investment arm of Emirates NBD Bank, a leading bank in the Middle East and a top performer in several investment-banking sectors. In 2024, NBD ranked eighth in the Middle East and Africa for debt capital markets and fifth for IPOs, according to Dealogic. The bank has strong regional knowledge, offering Shariah-compliant products and also products catering to traditional banking. NBD arranged more than $90 billion in financing across more than 94 deals in 2024 through its loan syndication.

Notable transactions included a $284 million dual-currency commodity-murabaha and Shariah-compliant syndicated facility for DenizBank to finance and refinance general trade. A $1 billion offering for MDGH Sukuk was a landmark transaction within the United Arab Emirates’ sukuk market, leveraging an Islamic structure with Shariah-compliant shares.

The bank also participated in some of the largest IPOs in global markets. These included offerings for food-delivery company Talabat, market operator Lulu Retail, and premium supermarket franchisee Spinneys, as well as the privatization of parking services provider Parkin. —Andrea Murad

North America: Goldman Sachs

It was a challenging year for global M&A. Interest rate cuts by the US Federal Reserve and the European Central Bank were fewer than expected due to still-persistent inflation, dampening projections of a larger rebound. Goldman Sachs did its part and secured all the most important deals of the year globally—especially in North America. In the US, Goldman was the top adviser, with $653.8 billion in deal value across 253 transactions. The New York–based firm saw its global deal volumes soar to above $1 trillion, representing a commanding 29.3% share of the global market and more than $3 billion in revenue from proceeds, as per Dealogic data.

Among the biggest deals of the year, Goldman played a key role in the $2.8 billion sale of Mexico-based Terrafina, a REIT, to Fibra Prologis, for which the bank served as lead financial adviser on the sell side. In the $18.25 billion Home Depot acquisition of SRS Distribution, the bank also acted as a sell-side financial adviser. In IPOs, Goldman was the bookrunner on 20 mandates, including Amer Sports ($1.4 billion), Rubrik ($752 million), and Reddit ($750 million). —TM

Western Europe: UBS

UBS continued to make significant strides in every part of the investment banking spectrum in 2024. The Swiss powerhouse recorded a massive $600 million in proceeds from its investment banking operation in Western Europe alone, with significant expansion in equity capital markets, M&A, and IPOs.

Among the main deals of the year in the region, UBS also acted as sole financial adviser to Sainsbury’s on the sale of its core banking business to NatWest Group. Assets acquired included £1.4 billion in unsecured personal loans, £1.1 billion in credit card balances, and about £2.6 billion of customer deposits.” That adds up to £5.1 billion (about $6.6 billion). UBS also was the acting financial adviser to huge Spanish bank BBVA in its €12.2 billion (about $13.2 billion) takeover run at Banco Sabadell. The deal remains in the hands of the Spanish antitrust authority.

Looking to 2025, UBS aims to continue its expansion with an even greater focus on Europe, the Middle East, and Africa (EMEA).

“We are growing, selectively hiring, and gaining market share in key strategic areas as part of our accelerated strategy,” says Nestor Paz-Galindo, the bank’s head of global banking for EMEA. —TM

Best Investment Banks 2025 — Regional Winners
Africa	Rand Merchant Bank
Asia-Pacific	DBS
Central & Eastern Europe	Bank Pekao
Latin America	Banco BTG Pactual
Middle East	Emirates NBD Capital
North America	Goldman Sachs
Western Europe	UBS

World’s Best Investment Banks 2025: Equities

Thomas Monteiro — Sat, 05 Apr 2025 20:42:08 +0000

Last year, investment banks correctly predicted a boom in stock issuance. This year, a trade war threatens to end the rally.

Following two years of sticky inflation, exorbitant interest rates, and geopolitical tensions, worldwide equity issuance volume surged to $741 billion in 2024. That’s up 20% from the previous year. Global inflation eased and major central banks began to cut interest rates: encouraging developments for equity issuers and investors. As a result, 2024 was the strongest year for equity capital markets (ECM) in the past four, according to Dealogic.

The US, in particular, touted $366.7 billion in issuance; a 56% increase from 2023. Interestingly, India emerged as the top equities market in Asia-Pacific and the second-largest globally after the US, with ECM transactions totaling $69.4 billion. Volumes for the regions of Europe, the Middle East, and Africa (EMEA) rose 19.8% year-over-year to $156.5 billion from $130.7 billion in 2023. Asia-Pacific ECM issuance was down 7.9%, dampened by an 83% collapse in mainland China, underscoring the broader slowdown in the world’s second-largest economy.

For investment bankers, 2025 will likely offer a different scenario. Global equity markets face risks from the Trump administration’s proposed universal tariffs, which could disrupt global trade and corporate earnings. During Donald Trump’s first term as president, escalating US-China trade tensions led to a 15% decline in 2018 ECM volumes following a 20% rise in 2017.

Tariffs increase cost, reduce profit margins, and create market volatility. Additionally, protectionist policies may weaken investor sentiment, prompting capital outflows and reduced market liquidity. If the US’ trade partners answer Washington’s tariff moves with their own, global supply chains could be disrupted, further depressing equity-market performance and stalling initial public offerings (IPOs) and capital-raising activity.

Global

J.P. Morgan

In a year of sustained growth for global ECMs, total placements jumped year on year as much as 65%in North America, 107% in the Middle East and Africa, and 135% in India. Against this backdrop, J.P. Morgan’s historical leadership and global positioning enabled it to lead the field, with 11% of total revenues and 9.4% of volumes.

The bank also had a banner year in IPOs, jumping from 18th position in 2023 to lead the market in 2024 with 65 deals for a solid 5.6% share, according to Dealogic. Among its major deals, J.P. Morgan served as lead bookrunner on the $4.4 billion Lineage IPO on Nasdaq. —TM

Africa

Chapel Hill Denham

Banks in Nigeria have been facing statutory pressures to recapitalize. For a majority, the equities market has offered the easiest route. The result has been a flurry of activity, with Chapel Hill Denham the preferred agent for banks seeking to meet the higher minimum capital requirements through rights issues and public offerings. In 2024, the firm raised a cumulative $385 million for three commercial banks, cementing its leadership in the sector over the past 15 years. Among Capital Hill’s clients was Access Bank, for which it raised $234 million in a rights issue.

Chapel Hill’s role in building market liquidity, deepening investor participation, and reinforcing confidence in market resilience went beyond the banking sector as it notched $1.9 billion in total ECM transactions in 2024. Another standout deal was a $330 million rights issue for International Breweries, the largest in the history of Nigerian capital markets. The offering showcased the firm’s expertise in managing complex, high-stakes, multiple-stakeholder transactions. —JN

Asia-Pacific

DBS

DBS achieved milestones in 2024, reflecting its strategic focus and robust financial performance. The Singapore-based multinational increased its stake in its China securities joint venture from 51% to 91%. The move, pending approval, aligns with other foreign banks capitalizing on relaxed foreign ownership regulations in China.

DBS reported a 15% surge in third-quarter net profit to a record 3 billion Singapore dollars ($2.3 billion), driven by record fee income from wealth management, higher treasury customer sales, and increased trading volume. This highlights the bank’s ability to capitalize on market opportunities and deliver value to its stakeholders, positioning it for sustained growth and regional leadership. —LZ

Central And Eastern Europe

Bank Pekao

Bank Pekao stepped on the gas on both IPOs and financing deals in 2024, taking advantage of a solid year for Polish ECMs to post significant growth in all around. The bank participated in two of the region’s most important IPOs: the record-breaking $1.6 billion debut of convenience store chain Zabka in October, and homebuilder Murapol’s groundbreaking IPO, the first in Poland in nearly two years. The bank served as a global coordinator and bookrunner in the latter deal, helping break the long winter for the region’s IPOs. For Zabka, Bank Pekao served as joint bookrunner. It also arranged security payment orders for Creotech, a leading manufacturer of satellite systems and components, a deal that promises to boost the region’s competitiveness technology and defense. —TM

Latin America

Itaú BBA

With a commanding 41% share of equity deals in the region in 2024, Itaú BBA cemented its status as Latin America’s ECM leader. Navigating a difficult year for Brazilian equities, the bank guaranteed its leadership with participation in 12 of the region’s 29 deals, amassing a volume of approximately $540 million.

Among the bank’s most significant deals last year, it managed retail distribution for the $2.7 billion privatization of Sabesp, marking the largest sanitation offering in Brazil’s history and the third-largest worldwide in 2024. Additionally, Itaú BBA coordinated Mallplaza’s $325 million capital raise, efficiently handling the follow-on process as well as preferred rights periods and rump placements. —TM

Middle East

EFG Hermes

EFG Hermes was the Middle East’s top equity-deal bookrunner last year, closing 14 ECM transactions worth a collective $2.89 billion and participating in 11 IPOs valued at a total $1.7 billion.

The bank advised on the $375 million IPO of Spinneys, which operates premium grocery retail supermarkets throughout the United Arab Emirates and Oman, and has begun expanding into Saudi Arabia. The offering covered 25% of Spinneys’s total equity capital, implying a market capitalization of $1.5 billion. EFG Hermes also worked with healthcare conglomerate Fakeeh Care Group on its $764 million IPO. The deal, which was 119 times oversubscribed, implied a $3.6 billion market capitalization. EFG Hermes also advised on Almoosa Healthcare Company’s $449 million IPO on the Saudi Exchange. Almoosa Health was established in 1996 and is the first private hospital in Al-Ahsa Governorate. The offering for 30% of share capital was 103 times oversubscribed, establishing a $1.5 billion implied market capitalization. —AM

North America

Cantor Fitzgerald

Cantor Fitzgerald made significant strides in the equities market last year, showcasing the firm’s strength in executing high-profile IPOs and other equity transactions. Cantor served as a joint bookrunner on multiple IPOs, particularly in the biotech sector, including Bicara Therapeutics, a cancer-therapy developer, which raised $315 million in its initial offering for a valuation of approximately $881.4 million. Cantor also took part in Septerna’s IPO, which raised $288 million through the sale of 16 million shares of the biotechnology company at $18 each, for a valuation of some $970 million.

All told, Cantor was the year’s top joint bookrunner in the US, working on 17 equity deals totaling $3.3 billion in combined market value, according to Dealogic. The firm also expanded its footprint in filing for its 10th SPAC, Cantor Equity Partners I, which raised $200 million through a $10-per-share offering.

A key development in 2024 was the appointment of former chair and CEO Howard Lutnick as Secretary of Commerce in the second Trump administration. His influence could impact regulatory and trade policies that affect capital markets, possibly shaping Cantor’s strategic opportunities in the future. —AN

Western Europe

UBS

UBS significantly beefed up its already award-winning European-based ECM team in 2024, through a combination of senior-executive insertions from Credit Suisse—following UBS’ 2023 acquisition of that bank—and new top-level hires from other institutions including J.P. Morgan and Citibank grew 25% during the year in the EMEA region alone.

“We now have the size, capabilities, and talent to compete for tier 1 business in the US, similar to what we have historically done in Europe and Asia,” notes Gareth McCartney, global co-head of ECM.

The team responded by amassing an impressive $5.5 billion in ECM volume in Europe alone last year, according to Dealogic. Among its major transactions, UBS acted as joint global coordinator and bookrunner on Galderma’s 2.3 billion Swiss francs ($2.6 billion) IPO. The bank also completed the spinoff of Sandoz from pharmaceuticals giant Novartis, acting as lead financial adviser on a transaction that encompassed roughly $14 billion in enterprise value. —TM

Best Equity Banks 2025
Global	J.P. Morgan
Africa	Chapel Hill Denham
Asia-Pacific	DBS
Central & Eastern Europe	Bank Pekao
Latin America	Itaú BBA
Middle East	EFG Hermes
North America	Cantor Fitzgerald
Western Europe	UBS

Thomas Monteiro, Author at Global Finance Magazine

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Southeast Asia

Bill Padfield, CEO of Salamander Associates—VC Business Consulting

Gary Dugan, CEO of the CIO Office of Milltrust’s East West Private Wealth—Multi-Family Office Services

Vietnam

Nguyen Dung Yoong, founder and CEO Ideainvestor—SME Consulting

Ignas Petrusis, founder of Saigon Fruits—Food Export-Import Company

Bruno Jaspaert, CEO of Belgium-based DEEP C Industrial Zones—Industrial Zone Developer and Operator

India

Deepak Jajoo, CFO of Delaplex Limited—Technology and Consulting Services

Sabu Jacob, Chairman and Managing Director of Kitex Group—Textiles and Apparel Manufacturing

Japan

David Semaya, Executive Chairman and Representative Director of Sumitomo Mitsui Trust Asset Management Co., Ltd.—Asset Management

United States

Tony Sage, CEO of Critical Metals Corp.—Critical Metals and Minerals Supplier

Jeet Basi, President and Executive Chairman of Tactical Resources Corp.—Rare Earths Mineral Exploration and Development

Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.—Custom Electronics Manufacturing Services

Heather Perry, CEO of Klatch Coffee—Specialty Coffee Distributor

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World’s Best Investment Banks 2025: Global And Country Winners

Best Investment Bank: BofA Securities

Best Bank For IPOs: Morgan Stanley

Best In Emerging Markets: Itaú BBA

Best In Frontier Markets: KFH Capital

Best Investment Bank For Sustainable Financing: Societe Generale

Best Multilateral Finance Institution: European Bank for Reconstruction and Development

Best Bank For Client-Facing Technology: BBVA

Best Bank For New Financial Products: Banco BTG Pactual

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World’s Best Investment Banks 2025: Global And Country Winners

World’s Best Investment Banks 2025: Global Winners By Sector

World’s Best Investment Banks 2025: Regional Winners

World’s Best Investment Banks 2025: Equities

World’s Best Investment Banks 2025: Debt

World’s Best Investment Banks 2025: M&A

World’s Best Investment Banks 2025: Global Winners By Sector

Global Winners By Sector

Financial Institutions: UBS

Healthcare: J.P. Morgan

Industrials/Chemicals: Bradesco BBI

Infrastructure And Project Finance: European Bank for Reconstruction and Development

Metals And Mining: BMO Capital Markets

Power/Energy: Citi

Sports Finance: Rothschild & Co

Technology, Media, And Communications: Centerview Partners

Best Investment Banks and Sustainable Finance Awards Ceremony 2025

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World’s Best Investment Banks 2025: Global And Country Winners

World’s Best Investment Banks 2025: Global Winners By Sector

World’s Best Investment Banks 2025: Regional Winners

World’s Best Investment Banks 2025: Equities

World’s Best Investment Banks 2025: Debt

World’s Best Investment Banks 2025: M&A

World’s Best Investment Banks 2025: Regional Winners

Advisers enjoy an uptick in M&As and IPOs despite geopolitical uncertainty; whether 2025 maintains the energy remains to be seen.

Africa: Rand Merchant Bank

Asia-Pacific: DBS

Central And Eastern Europe: Bank Pekao

Latin America: Banco BTG Pactual

Middle East: Emirates NBD Capital

North America: Goldman Sachs

Western Europe: UBS

Best Investment Banks and Sustainable Finance Awards Ceremony 2025

World’s Best Investment Banks 2025: Overview

World’s Best Investment Banks 2025: Global And Country Winners

World’s Best Investment Banks 2025: Global Winners By Sector

World’s Best Investment Banks 2025: Regional Winners

World’s Best Investment Banks 2025: Equities