Best bank 2025: Commonwealth Bank of Australia
Amidst a slowing Australian economy and cost of living challenges, Commonwealth Bank of Australia (CBA) has once again cemented its position as Australia’s best bank.
This recognition has been driven by its robust financial performance, unwavering commitment to shareholders, support for national economic development, and continued investment in digital innovation to safeguard customers.
As of December 31, 2024, CBA reported a stable operating income of A$27 billion ($17.5 billion), with operating expenses rising modestly by 3%. The bank’s capital ratio increased to 12.3%, up 10 basis points from the previous year, reflecting its financial resilience and stability.
Australia’s largest bank, serving around 17 million customers in the country, CBA has returned A$8 billion to shareholders through dividends and share buybacks, all while maintaining a robust capital position well above regulatory requirements.
In support of the Australian economy, CBA achieved significant milestones – helping 120,000 households purchase homes and providing A$39 billion in business loans to stimulate growth and employment.
On the digital front, the bank invested over A$800 million to strengthen customer protection against fraud and cyber threats.
As an example of its customer-centric approach, CBA now enables clients to view and manage all digital wallets linked to their payment details directly in the CommBank app.
With 7.3 million wallets now connected, customers can easily stay on top of their payments and remove any unrecognised links.
For its solid capital position, service to consumers and businesses alike, and its digital innovation, CBA takes the award for Australia’s best bank.
Best investment bank 2025: UBS
UBS has successfully paired robust deal execution with integrated capital-markets and wealth capabilities to propel its already formidable investment banking offering in Australia. This momentum spanned M&A, debt, equity and sustainable-finance activities, emphasising the franchise’s breadth and leadership.
Core investment banking revenue rose 44% to A$222 million (US$146 million), propelled by a 98% advisory growth. UBS remained active across capital markets as well, advising on roughly A$97.9 billion of debt deals and A$3.0 billion of equity issues.
That momentum translated into several high-profile mandates. UBS advised on CSR’s A$4.6 billion sale to Saint-Gobain and on Alcoa’s long-pending acquisition of Alumina Limited, a cross-border transaction two decades in the making. It also led DigiCo Reit’s A$2.0 billion IPO – the largest Australian listing since 2018.
UBS integrated capabilities across its markets and wealth divisions to offer broader client solutions. It led in sustainable finance with key roles in eight financial institution and social sector deals and a joint lead on Australia’s A$7.0 billion inaugural green bond. Moreover, the bank exhibited a significant risk appetite, underwriting numerous unsounded deals and advising on numerous major on-market buybacks, further cementing its top-tier status in the Australian investment banking landscape.
Best investment bank for DCM 2025: Commonwealth Bank of Australia
Commonwealth Bank of Australia continues to demonstrate strong momentum in the nation’s debt capital markets.
The bank secured the 2nd spot on the national DCM league table over the review period with 147 deals worth A$15.6 billion (US$27.7 billion).
Year-on-year growth by deal type from 2023 to 2024 was equally impressive. Corporate volumes rose by 57% and deal count by 52%. High-grade volumes dipped by 4%, yet the number of deals increased by 26%. In the financial sector, volumes grew by 9% and deals by 27%, while securitisation volumes climbed by 23% with a 59% jump in deal numbers.
In a marquee mandate, the firm acted as joint lead manager with the Australian Office of Financial Management, issuing an inaugural A$7 billion green bond that attracted notable demand from investors across Asia and Europe.
Best investment bank for M&A 2025: Deutsche Bank
Deutsche Bank has played a central role in several landmark Australian M&A transactions over the past year.
It served as financial adviser on the A$24 billion (US$15.8 billion) acquisition of AirTrunk in September 2024 – the year’s largest Australian M&A deal, the fifth-largest in the nation’s history, and the biggest data-centre transaction ever recorded globally. The mandate also deepened the bank’s ties with core clients such as Blackstone.
In February 2024, Deutsche Bank acted as exclusive financial adviser to Renesas on its $5.9 billion purchase of Altium, the second-largest technology deal in Australian history and the largest acquisition of an ASX-listed company by a Japanese buyer. This was also Renesas’s largest outbound transaction to date.
The bank is currently advising on the planned purchase of Anglo American’s steelmaking coal portfolio, for which it arranged the bridge financing that will fund the offer.
Best bank for sustainable finance 2025: National Australia Bank
National Australia Bank (NAB) has continued to build on its track record in sustainable finance through multiple innovative projects and contributions to environmentally friendly initiatives.
The bank arranged A$7 billion (US$4.6 billion) in environmental finance over the review period, comprising A$4 billion of direct lending and A$3.3 billion raised through capital-markets activities; the year before it only recorded A$4.5 billion of green lending.
NAB demonstrated its capabilities across multiple sectors.
It financed Squadron Energy’s Uungula Wind Farm in New South Wales, a project expected to power more than 220,000 homes while preventing 560,000 tonnes of carbon emissions each year.
The bank also acted as joint lead manager on Australia’s first sovereign green bond, a A$7 billion issue earmarked for projects that cut greenhouse-gas emissions and expand renewable-energy capacity.
In commercial real estate, NAB backed Alceon Group’s retrofit of a Brisbane property, assisting the removal of more than 6,000 tonnes of embodied carbon in the process. It also provided green finance for Dyers Distribution’s purchase of 30 electric forklifts, lowering the company’s operating emissions, and supported the Tiverton Agriculture Impact Fund in rolling out soil-health programmes and conservation measures for threatened species.
