• Citi’s Investment Banking client revenues in the Asia Pacific region for 2025 were the strongest the bank has seen in over a decade.
• According to data provider Dealogic, Citi’s Investment Banking revenues were US$514m in 2025, up 33% versus 2024.
• Key growth areas included M&A – which was a record revenue year for Citi in Asia - and Equity Capital Markets where client revenues were up significantly, on the back of strong cross border M&A and busy listing years for Hong Kong and India.
• During 2025 the bank helped Asian clients raise over US$250bn from global capital markets.
• Citi is predicting another strong year ahead.
• “The Investment Banking pipeline across this region is one of strongest I have seen on record. It’s across all areas really but M&A is particularly strong,” said Jan Metzger, Co Head Japan, Asia North and Australia [JANA] and Asia South IB for Citi.
• “Its also a healthy mix across sectors from consumer and healthcare to TMT and sponsor activity will be a key theme in 2026 and we are well positioned with recent investments in our sponsor franchise locally and globally,” said Kaustubh Kulkarni, Co Head JANA and Asia South Pacific IB for Citi.
• “M&A activity levels across the entire APAC region are expected to remain robust in 2026, driven by a strong pipeline of multinational-led cross border deals particularly in the China and India markets and by a resurgence in financial sponsor buyside and sell side situations. APAC continues to be at the forefront of MNC strategic planning given its importance as the key growth engine for the world” said Colin Banfield, Head of Asia M&A.

Key themes for 2026 that Citi is forecasting in the region include many of the similar trends over the last 12 months.

• Increased M&A activity from the GCC into China and more broadly into Asia, including related financings. This pivot is expected to continue.
• China and Asia remain critical markets. Global multinational corporations will continue to pursue growth opportunities in the region, ensuring robust Asian cross-border M&A activity.
• Key themes such as Healthcare, TMT, and AI will dominate financing. The A-to-H share trend will persist in ECM, and Taiwanese Convertible Bonds are anticipated to have another notable year.
• Sponsor activity will gain increasing importance for Asian Investment Banking. This financial capacity will be deployed in key transactions, with an anticipated rise in sell-downs.
• Convertible Bonds will remain attractive as companies leverage financially advantageous financing opportunities.
• Hong Kong's market revival is set to persist, anticipating another year of significant ECM activity. We may also see one or two international names enter the listing arena.
• India is poised for another strong year of IPOs, characterized by fewer deals but larger average sizes. Local demand will continue to anchor transactions, and multinational corporations are expected to continue monetizing their local Indian businesses.
• Following a record year, Japanese investment banking will continue to feature prominently. Australia is also experiencing vibrant M&A activity.
• Private credit will see further expansion across Asia. While public markets will remain the primary choice, private credit will grow to support increased high-yield Asian issuance.
• ASEAN is expected to experience increased ECM activity, with positive surprises anticipated in deal flow, both locally and internationally.

Re-disseminated by The Asian Banker