Singapore investment bank fees rise 3.1% in H1 on M&A boom

DBS topped the investment banking fee league table in the first six months of 2026.

Investment banking fees generated in Singapore rose 3.1% year-on-year (YoY) to US$418.4m in the first six months of 2026, according to data from the London Stock Exchange Group (LSEG) Group.

Amongst banks, DBS Group Holdings topped the investment banking fee league table for the first half of 2026, amassing US$50.1m in fees during the six-month period, or 12% of the overall fee pool.

Advisory fees from completed mergers and acquisitions (M&As) transactions climbed 8.5% YoY to a three-year-high of US$142.5m during the period.

Equity capital markets (ECM) underwriting fees fell 6.1% YoY to US$85.7m, whilst debt capital markets (DCM) fees dropped 30.2% YoY to US$56.1m.

Syndicated lending fees grew 30.3% YoY to US$134.2m, the LSEG said.

Singapore made up 3% of the total APAC investment banking fees, and 48.9% of Southeast Asia fee pools.

Fees across the SEA region declined 6% YoY, contrasting with Singapore’s growth, LSEG said.

Across APAC excluding Japan, investment bank fees dropped 3% YoY to US$12.1b, whilst Japan rose 23% YoY to US$2.9b.