Top Investment Banks in Singapore by Fees

The top investment banks in Singapore are DBS, UOB and OCBC, the three highest fee earners on LSEG’s Singapore fee table for January to September 2024. JPMorgan, Morgan Stanley, UBS and HSBC lead the global banks. Rothschild & Co and Houlihan Lokey are the main independent advisers with Singapore teams.

For you, the right bank depends on the product. The local banks win on Singapore dollar bonds and REIT listings. The global banks take the large M&A and cross-border equity mandates.

Below are 13 firms, grouped by type, with dated facts for each and a guide to using the list for recruiting or choosing an adviser.

How this list is ranked

Firms are grouped by type. Within each group, the order follows LSEG’s Singapore investment banking fee table for January to September 2024, then each firm’s best 2024 LSEG Singapore league table position.

Investment banking fees are what banks earn from M&A advice, equity and bond underwriting and syndicated loans. Fee tables reward a broad product mix. M&A value tables can swing on one or two large deals, so we use them as a second check.

The market grew strongly in 2025. Wealth & Society, citing LSEG, reported Singapore investment banking fees of $864.6m for 2025. That was up 28.9% and the highest total since 2021.

The split by product in 2025:

• Completed M&A advisory: $265.1m, up 55.3%.
• Syndicated lending: $233.4m, down 24.1%.
• Equity underwriting: $210.9m, more than double 2024 and a four-year high.
• Debt underwriting: $155.2m, up 55.9%.

DBS led the 2025 fee table with $72.9m, an 8.4% share. UBS led the 2025 table for M&A with any Singapore involvement, with $8.3bn of deals and an 11.8% share.

Top investment banks in Singapore at a glance

Singapore banks

The three local banks take the top three places on fees. Their edge is Singapore dollar bonds, REIT deals and local equity listings.

1. DBS

DBS led Singapore’s 2025 fee table with $72.9m, according to LSEG. It also led 2025 equity underwriting with $983.6m and bond underwriting with $5.4bn, a 13.2% share.

IFR named DBS its Asian Bank of the Year for 2025. Its investment banking fee income rose 52% to $205.5m over the review period. It worked on the $773m NTT DC REIT IPO in July 2025, Singapore’s largest listing in four years, and the S$771m Centurion Accommodation REIT IPO.

Euromoney named DBS Singapore’s best investment bank in 2025. In May 2026 it was a joint global coordinator on the S$100m JustCo IPO.

2. UOB

UOB ranked second on LSEG’s Singapore fee table for January to September 2024, with $28.5m and a 6.7% share. It was also second in Singapore equity underwriting, with $501.3m across five issues, and second in bonds, with $2.89bn.

Euromoney named UOB Singapore’s best investment bank for debt capital markets in 2025. It cited a 13.83% share and second place on Dealogic’s Singapore bookrunning table. On Bloomberg’s 2025 Singapore dollar bond table, UOB ranked third with S$5.78bn across 48 deals.

3. OCBC

OCBC ranked third on LSEG’s fee table for the first nine months of 2024, with $24.7m. It was also third in Singapore bond underwriting, with $2.50bn across 28 issues.

OCBC topped Bloomberg’s 2025 Singapore dollar bond bookrunner table for the second year in a row, with S$7.14bn and a 23.53% share. It ran 59 deals, including 22 sole mandates, the most of any bank. DBS was a close second with S$6.99bn across 70 deals.

Global banks

These banks run their Southeast Asia coverage from Singapore. They win the largest M&A mandates and cross-border equity deals, often for private equity sponsors and multinationals. For how they compare with advisory-only firms, see our guide to bulge bracket vs elite boutique investment banks.

4. JPMorgan

JPMorgan was the top global bank on LSEG’s Singapore fee table for January to September 2024, in fourth place with $23.6m and a 5.6% share. It led Singapore equity underwriting for full-year 2024, with $536.9m and a 16.0% share.

It was also second among M&A advisers on deals with Singapore involvement in the first nine months of 2024, with $4.26bn.

5. Morgan Stanley

Morgan Stanley was LSEG’s top adviser on M&A involving Singapore in 2024, with $13.6bn of deals and a 16.5% share. It ranked fifth on the January to September 2024 fee table, with $15.9m.

6. UBS

UBS led LSEG’s 2025 table for M&A with any Singapore involvement, with $8.3bn of deals and an 11.8% share. It ranked sixth on fees in the first nine months of 2024, with $14.4m.

UBS is active in equity deals too. It was a joint bookrunner on the NTT DC REIT IPO in 2025 and a joint global coordinator on the JustCo IPO in May 2026.

7. HSBC

HSBC ranked seventh on LSEG’s Singapore fee table for January to September 2024, with $13.9m. It was fourth in Singapore bond underwriting over the same period, with $2.45bn across 23 issues.

Euromoney named HSBC Singapore’s best international bank in July 2026 and described it as the largest foreign bank in Singapore. In 2025 Euromoney noted that HSBC’s Singapore equity market share had doubled from 4% to 8%.

8. Citi

Citi ranked third among M&A advisers on Singapore deals in the first nine months of 2024, with $2.88bn across eight deals. Euromoney named it Singapore’s best investment bank for M&A in 2025.

Euromoney cited Citi’s role as lead financial adviser to GLP on its $5.4bn sale to Ares and its work on Blackstone’s $16bn purchase of AirTrunk. Citi was also a joint bookrunner on the NTT DC REIT IPO.

9. Goldman Sachs

Goldman Sachs ranked third among advisers on M&A with Singapore involvement in the first quarter of 2024, with $1.07bn across four deals.

10. Standard Chartered

Standard Chartered ranked fifth on LSEG’s Singapore fee table for the first half of 2024, with $14.0m, up 253%. It was fifth in Singapore bond underwriting in the first nine months of 2024, with $1.61bn.

In March 2026 it was mandated lead arranger and bookrunner on a S$2.25bn green loan for AirTrunk’s SGP2 data centre. Standard Chartered called it Singapore’s largest-ever loan for a data centre. A group of 23 institutions joined the deal.

Regional bank

Maybank is the one Malaysian group on this list. It wins Singapore equity roles on mid-sized listings and backs them with regional research.

11. Maybank

Maybank ranked tenth in Singapore equity underwriting in the first nine months of 2024, with $47.8m. In May 2026 it was a joint global coordinator and bookrunner on the S$100m JustCo IPO, alongside DBS and UBS.

Euromoney named Maybank Securities Singapore’s best bank for research in 2025. It cited 46 regional analysts covering 376 stocks.

Independent advisers

These firms offer advice only and have no loan book. They win on senior bankers, restructuring skills and sector depth.

12. Rothschild & Co

Rothschild & Co ranked eighth among advisers on M&A with Singapore involvement in the first quarter of 2024, with $610.3m. The firm says it has 23 bankers in South East Asia and has advised on 200 M&A deals in the region since 2010.

Its Singapore office at One Raffles Quay also covers Vietnam and the Philippines. It offers M&A, financing advice, restructuring and liability management.

13. Houlihan Lokey

Houlihan Lokey opened in Singapore in 2013 with a financial restructuring team. That team has advised on Pacific International Lines, Garuda and Noble Group, according to the firm. It ranked tenth among Singapore M&A advisers in the first quarter of 2024, with $144.8m.

The Singapore office also runs mid-market sales. Its corporate finance deals there include the sale of Team-Metal to The Acrotec Group and of A-Star Testing and Inspection to Phenna Group.

Is Singapore’s IPO market recovering?

New listings drive a large share of local bank fees, and the pipeline has improved. Singapore Exchange said its financial year to June 2026 brought 21 IPOs raising $3.2bn, against six listings raising $20m a year earlier.

Two changes support the pipeline:

• Listing incentives: tax rebates for new listings and a S$1.5bn government-led injection into the local equity market, both introduced in 2025.
• Global Listing Board: a dual-listing route with Nasdaq that went live on 29 June 2026.

That means more listing work for ECM teams at the local banks and at global banks with Singapore desks. Ask in interviews how many live IPO mandates the team has.

How should you use this list?

Match the league table to your purpose. Fee tables favour banks with lending and bond desks. An M&A value table can put a bank at the top on a few large deals.

If you are recruiting:

• Singapore banks: heavy bond, loan and REIT work, with close links to local issuers. Good for DCM and real estate coverage.
• Global banks: the largest M&A and cross-border equity deals, plus training and exit options that carry to Hong Kong, London or New York.
• Independent advisers: small teams, early client contact and more restructuring work.

To benchmark offers, use our investment banking salary and bonus guide and our list of the highest paying investment banks. For outreach, see our guide to investment banking headhunters.

If you are choosing an adviser:

• Large or cross-border M&A: Morgan Stanley, UBS, JPMorgan, Citi or Goldman Sachs.
• A Singapore dollar bond or REIT deal: OCBC, DBS or UOB.
• A restructuring or a mid-market sale: Houlihan Lokey or Rothschild & Co.

For a comparison with another regional hub, see our list of top investment banks in Dubai.

FAQ

Which investment bank earns the most fees in Singapore?

DBS earned the most investment banking fees in Singapore in 2025, with $72.9m and an 8.4% share, according to LSEG. It also led 2025 equity underwriting with $983.6m and bond underwriting with $5.4bn. UOB and OCBC ranked second and third on LSEG’s January to September 2024 fee table.

Which bank leads M&A advice in Singapore?

UBS led LSEG’s 2025 table for M&A with any Singapore involvement, with $8.3bn of deals and an 11.8% share. Morgan Stanley led the 2024 table with $13.6bn and a 16.5% share. Citi was named Singapore’s best investment bank for M&A by Euromoney in 2025.

Which bank leads Singapore dollar bonds?

OCBC topped Bloomberg’s 2025 Singapore dollar bond bookrunner table for a second year, with S$7.14bn and a 23.53% share across 59 deals. DBS ran more deals, 70, but raised slightly less at S$6.99bn. UOB was third with S$5.78bn across 48 deals.

Which firms handle restructurings in Singapore?

Houlihan Lokey has run a Singapore restructuring team since 2013 and has advised on Pacific International Lines, Garuda and Noble Group. Rothschild & Co also offers restructuring and liability management from its Singapore office. Its Singapore office at One Raffles Quay also covers Vietnam and the Philippines.

Conclusion

DBS, UOB and OCBC lead Singapore’s investment banking market on fees and bonds. Morgan Stanley, UBS, JPMorgan and Citi lead the largest M&A and equity deals. Pick the league table that fits your goal before you apply or hire a bank.

P.S. If you are planning outreach to these Singapore teams, the Investment Banking Contacts Database [Global] gives you the names to start with. Our Premium Resources have more tools you may find useful, and the Private Equity Bros newsletter brings you weekly finance updates and the latest financial reports.

Sources

• Singapore Investment Banking Review: First Nine Months 2024
• LSEG: Singapore investment banking fees hit $864.6m in 2025
• OCBC tops SGD bond bookrunner league table for second consecutive year
• Asian Bank of the Year: DBS Group Holdings
• Awards for Excellence country/territory winners 2025: Singapore
• Landmark green loan for AirTrunk SGP2 data centre
• Houlihan Lokey Appoints Ee Beng Soh as a Senior Advisor