, Singapore
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Singapore investment banking fees up 18% to $257.5m in Q1

But ECM underwriting fees fell to its lowest since 2016 and syndicated lending fees declined.

Investment banking fees generated in Singapore rose 18% year-on-year (YoY) to US$191m (approximately S$257.55m) during the first three months of 2025, according to data from the London Stock Exchang Group (LSEG).

Equity capital market (ECM) underwriting fees fell to its lowest first quarter period in nine years, falling 43% YoY to US$7.3m.

This was offset by debt capital market (DCM) fees and M&A advisory fees more than doubling. DCM fees grew 139% YoY to US$56.9m, whilst advisory fees for completed M&A transactions went up 145% YoY to US$104.4m.

Syndicated lending fees declined 73% YoY from a year ago to US$22.4m in the first quarter of 2025.

Amongst financial institutions, Citi topped Singapore’s investment banking fee league table with a total of US$40.2m, or 21% of the total fee pool.

(US$1 = S$1.35; as of 7 April 2 025, Google)

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