Congratulations once again to the all the winners and highly commendeds of this year’s FinanceAsia Awards. The full list of winners and highly commendeds for Australia and New Zealand, click here.
In another 12 months of persistent geopolitical tensions, evolving trade dynamics and continued macroeconomic uncertainty, Asia Pacific (Apac)’s capital markets have demonstrated remarkable resilience and adaptability since the second half of 2025, driving a healthy pipeline of transactions and renewed activity across asset classes.
Market participants throughout the region continued to innovate and deliver outstanding outcomes for clients, earning recognition across a diverse range of disciplines, including ECM, DCM, digitalisation, legal services, ratings, sustainability, technology, and diversity, equity and inclusion (DEI). Their ability to navigate changing market conditions while maintaining high standards of execution set them apart from their peers.
As markets become more interconnected, collaboration has never been more important. Many of the firms recognised in this year’s awards demonstrated exceptional teamwork, both internally and across the broader financial ecosystem, to deliver creative solutions and support clients through challenging circumstances. Looking ahead, the long-term outlook for Apac remains compelling, supported by economic growth, expanding capital pools, ongoing infrastructure investment and the region’s growing influence in global financial markets.
Please see below the rationale behind this year’s Australia and New Zealand winners. For the other markets' winners' rationale click here.
AUSTRALIA
DOMESTIC
BEST LENDER
Westpac
Westpac earned this recognition through market leadership, execution certainty and an ability to structure and underwrite complex transactions across multiple sectors.
During the award period, the bank was either MLAB (mandated lead arranger and bookrunner) or MLAUB (mandated lead arranger, underwriter and bookrunner) on 45 transactions worth more than A$13.6 billion ($9.8 billion), representing a significant YoY increase in deal volume and value. It also secured sole bookrunner or sole underwriter roles on several landmark financings across M&A, infrastructure, healthcare, energy, property and project finance, underscoring client confidence in its underwriting capabilities.
Notable transactions included: Vocus’ A$5.8 billion acquisition financing; WiseTech’s $3 billion acquisition funding; and the A$1.5 billion Sigma Healthcare-Chemist Warehouse merger financing.
BEST SUSTAINABLE BANK
ANZ
This award recognises ANZ’s efforts in combining scale, innovation and market leadership to drive the sustainable finance agenda across Australia.
ANZ has a dedicated global sustainable finance team of more than 35 specialists, contributing to the bank’s target to fund and facilitate at least A$100 billion ($69 billion) towards social and environmental activities through customer transactions and direct investments by end of 2030. In FY 2025, A$45.8 billion was allocated to this target, exceeding ANZ’s sub-target for that period of A$18.5 billion. ANZ’s differentiated approach can also be seen through its integration of sustainable finance and environmental markets capabilities to deliver holistic climate and nature solutions.
ANZ also led several market-first transactions, including being joint lead manager and being joint green structuring adviser on Australia’s first green bond aligned with technical screening criteria both the Australian Sustainable Finance Taxonomy and EU Taxonomy for VPN in October, reinforcing its position as a leading sustainable finance innovator and transition partner.
BEST INTERNATIONAL RATINGS AGENCY
Fitch Ratings
Fitch Ratings impressed the judges through a combination of market leadership, analytical innovation and deep stakeholder engagement, earning recognition as the leading international ratings agency in Australia.
It leveraged its strong on-the-ground analytical network to deliver high-frequency research, proprietary tools such as its US Effective Tariff Rate Monitor, and tailored outreach for issuers, investors and bankers alike.
Fitch rated numerous landmark and first-time transactions, including major Australian and offshore bond issuances, while pioneering industry developments as the first rating agency to establish subscription finance criteria. It also maintained market-leading coverage in structured finance and covered bonds, while its ESG Relevance Scores, Climate Vulnerability Signals and Sustainable Fitch platform all set industry benchmarks.
BEST INVESTMENT BANK | BEST M&A HOUSE
UBS
UBS won plaudits for its investment banking achievements in 2025 due to market-leading revenue performance, exceptional execution across M&A, equity capital markets and debt capital markets, and a relentless focus on delivering innovative, client-centric solutions.
The firm ranked first in Australia for total core investment banking revenue, underpinned by landmark transactions including Virgin Australia’s A$685 million ($492 million) IPO, Amcor’s $37 billion combination with Berry, and Vocus’ A$5.3 billion acquisition of TPG’s enterprise assets.
UBS demonstrated strengths in complex and transformative transactions, cross-border advisory, sponsor-backed financings and sustainable finance. Its integrated platform, combining investment banking, markets and wealth management capabilities, enabled bespoke solutions across the capital structure.
For M&A, in particular, UBS stood out as Australia’s premier adviser in 2025. The firm generated A$172 million in core M&A investment banking revenue, up 12% YoY.
Its success was driven by expertise across takeover defence, cross-border acquisitions, private treaty transactions and highly structured deals. Notable mandates included Domain’s A$3 billion sale to CoStar, as well as the Vocus and Amcor deals.
Combining deep sector knowledge, innovative structuring, global connectivity and trusted client relationships, UBS consistently delivered complex, value-maximising outcomes across Australia’s most significant M&A transactions.
BEST LENDER
HSBC
Based on its strongest-ever year in Australia and New Zealand – by revenues, deal volumes, number of deals and underwritten transactions – HSBC showcased market-leading lending capabilities across the full credit spectrum. This spanned corporate finance, sponsor-backed transactions, Asian term loans, sustainable finance and complex acquisition financings.
The bank proved its end-to-end loan market expertise, leading some of the largest and most challenging transactions. For example, it arranged Australia’s largest acquisition financing since 2021, the largest outbound and inbound acquisition financings of 2025, and the year’s largest data centre and sponsor refinancing deals.
HSBC also reinforced its leadership in Asian loan distribution, introducing new lenders, executing oversubscribed debut financings and delivering innovative ESG and sustainability-linked structures.
BEST SUSTAINABLE BANK
Societe Generale
Based on its strong execution, market leadership and commitment to sustainable finance, Societe Generale demonstrated why it was a deserving winner of this award.
In the domestic market, the bank played a leading role in landmark transactions, including AirTrunk’s A$5.6 billion ($4 billion) green data-centre financing – the largest green loan for a data centre in Asia Pacific – alongside pioneering financings for EQT Real Estate and Zenith Energy.
Societe Generale also helped shape industry standards through its contribution to the Australian Sustainable Finance Institute taxonomy and leadership roles in regional sustainable lending bodies, and established itself as a trusted partner driving Australia’s energy transition and sustainable economic growth.
NEW ZEALAND
INTERNATIONAL
BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
UBS
Based on its dominant market position, innovative execution capabilities and ability to deliver landmark transactions in challenging conditions, UBS had a stand-out year in New Zealand across its investment banking franchise.
UBS combined global reach with deep domestic expertise to deliver impressive outcomes across M&A, equity capital markets (ECM) and debt capital markets (DCM). For example, it advised on landmark transactions including Contact Energy’s NZ$2.3 billion ($1.4 billion) acquisition of Manawa Energy, and Infratil’s strategic acquisition of CDC Data Centres.
UBS ranked first in both ECM and DCM by deal value and led several market-first and highly complex capital raisings and bond issuances – highlighting its ability to provide bespoke, whole-of-bank solutions, execute at scale in challenging markets and consistently deliver superior client outcomes.
More specifically in ECM, UBS ranked number one in New Zealand in 2025 with a 30.2% market share and NZ$1.34 billion of issuance, leading a series of high-profile transactions including Precinct’s NZ$310 million equity raising, EBOS’s NZ$217 million raising and the NZ$949 million EBOS block sell-down.
Overall, UBS demonstrated exceptional risk appetite, pricing discipline and execution certainty, achieving tight discounts and strong investor participation despite volatile markets. It has now executed four of the six largest secondary raisings and three of the five largest block trades in New Zealand history.
In M&A, meanwhile, 2025 saw the firm advise on landmark public and private transactions, including the Contact Energy deal with Manawa Energy, the largest public scrip-based peer-to-peer transaction in New Zealand history and one of the country’s biggest deals of the past decade.
More broadly, leveraging its integrated global platform, UBS combined strategic advice with financing and capital markets expertise, delivering bespoke solutions across transformational domestic and cross-border deals.
BEST SUSTAINABLE BANK
ANZ
ANZ demonstrated leadership in the New Zealand market through innovation, scale and a clear commitment to financing the sustainable transition.
The local business helped the bank to exceed key sustainable finance targets, contributing NZ$6.13 billion ($3.64 billion) towards social and environmental outcomes in FY 2025.
It also led several landmark sustainable finance transactions in 2025, including the first domestic social bond, an innovative sustainability-linked loans featuring the country’s first WELL Equity Rating KPI, and a pioneering biodiversity-linked financing framework.
In addition, ANZ met milestones in New Zealand such as engaging 100 Institutional customers to understand and support transition planning progress, and launching an Agri Good Energy loan to support renewable energy and efficiency for farm customers.
