Citi’s APAC investment banking revenue hits US$514m in 2025

Cross-border M&A, sector trends, and AI underpinned APAC growth.

Citi’s Investment Banking revenues in the Asia-Pacific region reached US$514m in 2025, a 33% increase compared with 2024 – the strongest regional performance in over a decade.

Merger and acquisition (M&A) activity was the main driver of growth, supported by a strong equity capital markets (ECM) performance, with Citi’s Asian clients raising over US$250b globally.

The company projects continued growth in the region in 2026, underpinned by cross-border M&A in China, India, and GCC-to-Asia deals; sector trends in Healthcare, Technology, Media, and Telecommunications; and AI financing.

The report also highlights that sponsor activity and private credit expansion will be key factors for growth in the APAC region in 2026.

Sustained activity in Japan and Australia, along with multinational-driven transactions, is expected to remain a driving force for continued growth.

Convertible bonds are likely to remain attractive as companies leverage financially advantageous financing opportunities.

Hong Kong’s market revival is also expected to persist, with another year of significant ECM activity anticipated.

ASEAN is forecast to see increased ECM activity, with positive surprises expected in deal flow, both locally and internationally.

“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,” Co-Head Japan, Asia North and Australia [JANA] and Asia South IB for Citi, Jan Metzger, said.