2025 Investment Banking Awards: Evercore, Barclays, DBS Shine in Sustainability & Emerging Markets

The 2025 Investment Banking Awards by The Banker reflect a sharpening bifurcation in investment banking: traditional deals (M&A, ECM, DCM) still matter, but there is accelerating value placed on sustainable finance, ESG-centric project finance, and innovation in deal structures.

Evercore’s recognition globally and in North America reflects its capacity to combine boutique advisory excellence with global reach; its role in blockbuster transactions like GE Vernova’s $36bn spin-off, WestRock/Smurfit Kappa ($20bn), and Global Infrastructure Partners’ $12.5bn sale shows strength in high-stakes advisory and cross-border depth. [1] Barclays’ wins in Europe and across Corporate Bonds/ECM signal that despite macroeconomic and interest rate pressures, European capital markets are reactivating, especially in complex equity and hybrid bond structures (e.g. AT1, sterling hybrid, BTL). [1] Meanwhile, DBS’s leadership in Asia-Pacific and in bank capital instruments underscores Asia’s expanding importance in global debt and equity capital markets—local currency issuance, regulatory structuring (e.g. Singapore dollar IB), Panda bonds and regional distribution networks are pivotal. [1]

In sustainable finance and infrastructure/project finance, winner Société Générale’s honors reflect growing investor demand, regulatory momentum, and the technical complexity required in hard-to-abate sectors (CCS, offshore wind, power infrastructure, battery and EV ecosystems). These areas are increasingly distinguishing banks, not just in Latin America, Asia and Europe, but globally. Rothschild & Co’s wins in Africa and Emerging Markets further reinforce that navigating geopolitical risk, sovereign restructurings, and cross-border deal environments brings reputational and financial rewards. [1]

Strategic implications: Banks that scale sectoral expertise (e.g. in ESG, infrastructure, sustainability) while maintaining strong execution in traditional categories are winning the most honors. Innovation in structure (hybrid bonds, covered bonds, ESG-linked project finance) and strong regional platforms (Asia-Pacific, Africa) are differentiators. Challenges remain: interest rates, inflation, geopolitical instability, regulatory shifts (e.g. ESG standards) continue to introduce execution risk particularly in DCM/ECM. Open questions relate to how margin pressures, supply chain constraints, and climate policy will affect deal pipelines, and whether boutique/advisory-heavy banks can maintain profitability when debt markets face volatility. Finally, sustainability credentials are no longer a niche: they are central to deal merit and client expectations.