Citi has reported its strongest investment banking client revenues in the Asia Pacific region in over a decade, with 2025 figures reaching US$514m, a 33% increase from the previous year, according to Dealogic. Key growth areas included mergers and acquisitions (M&A) and equity capital markets, driven by robust cross-border M&A and active listing years in Hong Kong and India. The bank facilitated over US$250b in capital raising for Asian clients from global markets in 2025.
Jan Metzger, Co-Head of Japan, Asia North, and Australia, noted, “The investment banking pipeline across this region is one of the strongest I have seen on record.” Kaustubh Kulkarni, Co-Head of JANA and Asia South Pacific IB, highlighted the diverse sectoral mix, including consumer, healthcare, and technology, media, and telecom (TMT), as key themes for 2026.
Colin Banfield, Head of Asia M&A, expects M&A activity to remain robust in 2026, particularly in China and India, driven by multinational-led cross-border deals. The Asia Pacific region continues to be a focal point for multinational corporations’ strategic planning.
Citi forecasts several key themes for 2026, including increased M&A activity from the Gulf Cooperation Council into China and Asia, a focus on healthcare, TMT, and artificial intelligence in financing, and a continued revival of Hong Kong’s market. Additionally, India is set for another strong year of initial public offerings, with larger average deal sizes anticipated.
The bank also predicts a rise in private credit across Asia, supporting increased high-yield issuance, and expects ASEAN to see heightened equity capital market activity.
