Best bank 2025: NatWest
The share sell-down of the last part of the UK government’s stake in NatWest this May was a landmark moment, not least for the bank’s staff.
About a third of its people today were with the bank, then known as Royal Bank of Scotland, when it was nationalised in 2008. “While the exit by the UK government didn’t have any tangible impact on our strategy, it was the final proof that the past is behind us and that we’re now a successful bank, and completely on our own terms,” Claire Kane, director of investor relations, tells Euromoney.
However, a much greater part of the sell down happened in 2024 than in 2025 – especially when the government’s stake fell below 30% in March 2024. That helped trigger greater interest from US investors, according to Kane. By the end of the year, the stake was below 10%.
The government’s ability to sell down such a large stake in the market speaks to how it has been able to meet and beat market expectations, especially during the past year. Operating profit before tax rose to £6.2 billion, enabling a return on tangible equity of 17.5% for 2024.
NatWest’s position today has been a long time in the making. The completion of longer-term strategic moves is key, including the rationalisation of the markets business and its transfer into a new corporate and institutional division, and the completion of the sale of its exit from the Republic of Ireland, three years ago.
But 2024 was a pivotal year, not least for the share price. It was one of the best performing companies across the UK stock market in 2024 for total shareholder returns.
An agreement to buy Sainsbury’s Bank in June 2024, completed this May, was important at a time when its share valuation makes buybacks less appealing. It offered a clear demonstration – alongside a £2.3 billion purchase of prime residential mortgages from Metro Bank – that the bank has the capacity to grow via M&A.
Growth is happening organically, too, with compound annual growth in both loans and deposits during the past six years surpassing 4%.
Growth in deposits held up particularly well relative to key peers at NatWest in 2024, when customers were increasingly inclined to move, due to interest-rate dynamics. That’s partly thanks to its large market and wallet share in commercial banking, where it deploys an unrivalled network of longstanding relationship managers specialised in industries and regions.
It has also invested in bringing its commercial banking franchise forward, including helping business customers track cash positions in real time while doing more of their business with the bank in one app. For start-ups, it launched loans secured against intellectual property. Mettle, an app-based service for small businesses, is further working to secure its position among start-ups.
“NatWest wants to attend its number-one position among UK start-ups, and Mettle is a contributing factor to that,” says Mettle chief executive Michelle Prance. “We’ve worked increasingly closely with the main bank over the past year, so it’s clear that we’re a fintech company developed inside an incumbent bank, with all the advantages of that.”
With 19 million customers, retail banking experience is also a focus, of course.
It launched a travel credit card last year without foreign exchange fees, and launched mortgage offers in as little as 24 hours. As part of a £1.1 billion technology investment programme last year, it also launched a generative artificial-intelligence upgrade to its digital assistant Cora, called Cora+.
NatWest’s strong financial performance, market-leading commercial banking position, and successful exit from government ownership make a clear case for why it stands out as the UK’s top bank.
Best investment bank 2025: Barclays
Barclays spent the past year decisively reshaping its UK investment banking business. After unveiling its “simpler, better, more balanced” operating model in February 2024, the bank streamlined reporting into five divisions and made senior hires in its financial sponsors, M&A, leveraged finance and sector teams. A one-off grant of 170 shares to more than 90,000 employees underlined management’s effort to bind staff economics to shareholder returns.
Strategic investment has already translated into market share. Over the awards period the investment bank lifted UK fee share in equity capital markets by roughly 100 basis points and in leveraged finance by 70bp, driving a 31% jump in fee income year on year. The momentum was most visible in equity capital markets, where Barclays ended 2024 as the top-ranked bookrunner and trader across the FTSE indices. Its central role on National Grid’s £7 billion rights issue – the largest-ever utility equity raise – signalled renewed appetite for transformational deals and showcased the bank’s willingness to underwrite risk alongside clients.
Advisory strength extended beyond equities. Barclays guided Harbour Energy through its $11.2 billion purchase of Wintershall Dea assets and acted as defence adviser to Hargreaves Lansdown during the platform’s £5.4 billion agreed sale, while also sitting beside BHP on its headline, if ultimately unsuccessful, £39 billion tilt at Anglo American. Corporate broking continued to win mandates, taking the roster to 72 listed clients, including 19 FTSE 100 constituents.
The franchise’s sustainability push is also gathering pace. Barclays arranged $94.4 billion of sustainable and transition financing in 2024, up 39%, advancing its $1 trillion 2030 goal. Highlights ranged from London Gatwick’s inaugural sustainability-linked bond to project financing the UK’s first CO₂ transport and storage network. Meanwhile, a re-engineered Barclays Live platform and a top Institutional Investor research ranking help to keep clients plugged into the bank’s thought leadership as the UK capital markets ready for a rebound.
Best investment bank for DCM 2025: Barclays
Barclays spent the past year converting sterling market dominance into genuinely differentiated outcomes for UK issuers, despite the most volatile rates backdrop since the Covid pandemic. A single, integrated banking and markets team allows the bank to pivot rapidly between currencies and formats, attracting new borrowers while keeping repeat clients active and diversified.
The franchise’s depth was most visible in financials. Barclays arranged US dollar additional tier-1 (AT1) for Lloyds Banking Group. Soon after, it delivered the tightest reset level yet achieved in the sterling AT1 market for Nationwide Building Society, underlining investor confidence in mutual names. Newcomers were also coaxed into wholesale funding: Newcastle Building Society and Schroders printed debut tier-two deals, while Co-op Bank obtained inaugural covered-bond funding – evidence of the Barclay’s ability to open fresh pockets of demand.
In the corporate arena, Barclays’ balance sheet support and structuring expertise proved pivotal for companies navigating strategic inflection points. Centrica’s return to the bond market via a multicurrency hybrid that re-established the utility’s capital markets narrative, was led from conception to pricing by the bank. Harbour Energy likewise tapped Barclays when financing M&A, and a string of debut issuers from the UK water sector broadened sterling’s credit curve. Social housing borrowers continued to rely on Barclays for benchmark taps, benefiting from the firm’s read-across between primary and secondary desks.
The sovereign, supranational and agency desk capped the year with a marquee trade for HM Treasury’s Debt Management Office: a £11 billion July 2034 conventional gilt, the second-largest UK syndication on record, and a £110 billion orderbook despite election-related volatility. A subsequent £4.25 billion linker tap reinforced Barclays’ role as liquidity provider of choice in inflation-linked debt and underscored the breadth of its public-sector franchise.
Best investment bank for M&A 2025: Rothschild & Co
Rotschild & Co had a busy year in UK M&A, topping the domestic league tables for the second successive year. It worked on 68 announced UK transactions worth $22.9 billion – 54% more mandates than its nearest bulge-bracket rival and more than triple those handled by the leading independent. A strong public company franchise underpinned that momentum, with 24 PLC mandates totalling $15.6 billion.
One of the year’s headline mandates was Neptune Energy’s $5 billion sale to Eni and Vår Energi, the largest cash deal in European oil and gas for almost a decade. Rothschild & Co leveraged longstanding sector relationships to juggle dual-track IPO preparations and deliver a fully funded exit for the sellers despite choppy commodity prices.
Private equity clients also turned to the firm for complex exits. Its advice on Advent International’s approximately £2.7 billion sale of parcel delivery group EVRi to Apollo began with early pre-marketing designed to counter macroeconomic uncertainty and culminated in a valuation that rewards Advent’s turnaround of the former Hermes UK network.
Rothschild & Co also supported Blackstone’s £1.6 billion final sell-down in London Stock Exchange Group, where house broker Redburn Atlantic acted as co-lead manager, while its real estate expertise shaped Legal & General’s £1.35 billion disposal of house builder Cala. Taken together, these assignments illustrate the firm’s ability to blend sector knowledge with financing acumen and marshal global investor networks on behalf of UK corporates and their sponsors.
Best investment bank for ECM 2025: UBS
UBS had nothing short of an exceptional year, marked by turning longstanding corporate relationships into a run of landmark UK equity deals that tested every aspect of its execution abilities.
In February 2024 the bank combined corporate broker, sponsor and joint bookrunner roles on the primary placing for SEGRO. A two-day wall-cross delivered full cover before launch; within 15 minutes of opening the book the offer was oversubscribed, allowing a significant upsize while holding the discount to 3.4%. It was the biggest UK primary raise in more than three years and the largest accelerated real estate placing ever, underscoring the bank’s ability to mobilise long-only and sovereign wealth capital around strategic growth stories.
Attention then shifted to London Stock Exchange Group (LSEG). In March, UBS steered a £1.4 billion accelerated block on behalf of the Blackstone-led consortium and Thomson Reuters, pairing a share market placement with a directed buy-back. Substantial wall-cross indications meant the deal was covered before launch and formally done inside a quarter of an hour at only a 0.7% discount.
When the sellers returned in May with a final £1.6 billion tranche, UBS again ran the books, producing multiple-times demand and printing at a 1.1% premium, finally removing the overhang. The twin trades highlight the bank’s command of complex secondary blocks and its capacity to place meaningful stock without destabilising price discovery.
Distribution reach was showcased a fortnight after the first LSEG block when UBS acted as joint bookrunner on Pfizer’s £2.4 billion fully marketed sell-down of Haleon. Split between London-listed ordinaries and US American Depositary Shares, the transaction attracted sufficient demand to accelerate the timetable and upsize to $3.1 billion, making it the largest global equity capital markets deal of 2024 to date.
Breadth at the smaller end was equally evident in May’s £262 million overnight sell-down of Associated British Foods, where UBS, acting sole bookrunner, secured anchor long-only support pre-launch and covered the book in 10minutes, reinforcing its ability to deliver swift, high-quality execution across the UK equity spectrum.
Best digital bank for large corporates 2025: Bank of America
Bank of America has positioned itself as a leader in digital banking innovation tailored specifically for large corporates in western Europe.
With $13 billion spent annually on technology, including $4 billion earmarked for new technology initiatives, the bank demonstrates a robust commitment to enhancing client experiences and operational efficiencies. This funding has catalysed the development of cutting-edge solutions in information security, artificial intelligence, machine learning and data analytics.
A key highlight of the bank’s digital suite is the CashPro platform, which has shown substantial growth. Key performance indicators from the latest quarter include a 26% increase in mobile sign-ins and a record $1 trillion in payment approvals via the CashPro App. The bank’s CashPro Validator tool simplifies and accelerates client onboarding, enhancing payment and file format validation, significantly reducing implementation delays.
Bank of America also spearheaded innovation in digital corporate transaction banking tools. The introduction of Virtual Payables Direct in the Europe, Middle East and Africa region provides the dual benefit of extended payment terms for buyers and direct bank transfers for suppliers. This tool is particularly aligned with corporate treasurers’ need to optimise working capital.
In FX tools, the bank’s enhancement of its algorithmic trading and liquidity system in 2024 not only improved execution but also substantially boosted its revenue streams. Additionally, it introduced Guaranteed FX Rates with tenors of up to one year, a pioneering move in the industry, allowing clients to better manage cross-currency risks and streamline treasury functions.
Overall, Bank of America’s strategic investments in technology and continuous development of digital tools underscore its dedication to advancing the digital banking landscape for large corporates.
Best digital bank for SMEs 2025: Oaknorth
Small and medium-sized enterprise-focused bank OakNorth demonstrated a solid financial performance in the SME sector over the review period.
Its pre-tax profits soared to £214.8 million, up from £187.3 million the previous year. The bank’s gross lending reached over £2.1 billion, up from £1.7 billion in 2023, driven by substantial demand in the US market where it has lent $700 million.
Well adapted to the unique needs of lower mid-market businesses through its tailored and flexible financial solutions, the bank continued to innovate its product line to cater specifically to businesses that often find themselves overlooked by traditional banking models. This includes the bank’s new digital offerings, such as quick account opening for complex business structures and competitive business savings, which are tailored for businesses transitioning from startup to scale-up phases.
By establishing a Federal Reserve-approved office, OakNorth has become one of the first non-US digital banks to achieve this status, amplifying its growth potential in the market. Equally noteworthy was the bank’s involvement with businesses such as F1 Arcade and Mamas & Papas, which have used OakNorth funds to expand into the US market.
The bank’s focus extends beyond financial transactions to a holistic relationship management approach. By understanding the individual needs of businesses, OakNorth applies a highly granular and data-driven approach to provide customised financial solutions that assist businesses in sustainable growth and operational optimisation.
OakNorth’s strategic positioning and robust financial results, alongside a clear commitment to customer-centric solutions and innovation, support its considerable influence and success in the SME banking sector.
Best bank for sustainable finance 2025: Barclays
Barclays’ comprehensive approach to sustainable banking, alongside its robust performance in green and sustainability-linked financing, highlights its deep commitment to furthering the global sustainability agenda.
The bank has strategically positioned sustainable finance as an integral part of its climate response strategy, with a goal to achieve net zero by 2050. This approach encompasses a commitment to facilitate $1 trillion in financing by 2030 and to invest up to £500 million in climate tech startups globally by the end of 2027, consolidating its leading position in sustainable finance.
Over the past year, the bank has significantly enhanced its sustainable finance capabilities through strategic senior hires and launching new businesses and products. This has enabled the bank to deliver on its commitments and drive revenue growth while simultaneously focusing on key strengths and deepening relationships with its target clients across sustainable financing and advisory roles.
Notable achievements include facilitating $94.4 billion in sustainable and transition financing over the last year, and investing £65 million in climate tech startups, representing year-on-year increases of 39% and 33%, respectively. These figures underscore Barclays’ proactive role in supporting clients through the energy transition, while continuing to reduce its operational emissions and sourcing energy from renewable sources.
Significant projects facilitated by Barclays in 2024 include the structuring of London Gatwick Airport’s €750 million sustainability-linked bond aimed at achieving net-zero emissions by 2030, and Verbund’s €500 million green bond, focusing on biodiversity projects in Austria and Germany.
Best bank for independent advisory 2025: Rothschild & Co
Rothschild & Co demonstrated the range and depth of its independent advisory franchise in the UK over the review period.
One of its flagship mandates was Advent International’s EVRi sale to Apollo, announced in July 2024 and closed a month later. Acting for the seller, the bank orchestrated a highly bespoke two-stage auction that blended early pre-marketing with fierce competitive tension, ultimately extracting multiple binding bids for the UK’s largest parcel delivery platform. Rothschild & Co’s longstanding knowledge of the asset – having advised Otto Group on the 2020 carve-out to Advent – allowed it to craft detailed vendor due-diligence and financial models that accelerated bidder education and underpinned Apollo’s winning offer.
The firm has been equally active in complex capital structure work. It steered Peabody Trust through lender consents on facilities to clear the path for its merger with Catalyst Housing, one of the most intricate debt exercises in the UK social housing sector. On the corporate side Rothschild & Co advised Currys on amending covenants across millions of bank lines, showcasing its ability to balance creditor expectations with borrower flexibility in a volatile rates environment.
Strategic M&A has also remained a strong suit. For Hg Capital and management software specialist IRIS, the bank choreographed co-control investment by Los Angeles-based Leonard Green & Partners, guiding long-term positioning for US expansion and leading the synergy analysis that underpinned valuation. Its dual sell-side role for AccorInvest and Landsec on the disposal of 18 UK hotels to Ares Management combined operational and real estate insight, quantifying value creation for both vendors and preparing board-ready materials that kept the timetable on track.
Best bank for corporates 2025: HSBC
Over the past 18 months HSBC UK has put digital infrastructure at the centre of its corporate franchise.
Smart Transact, unveiled in 2024, gives multinationals a single, globally consistent portal for account opening and payments, cutting onboarding times and replacing email trails with real-time Smart Serve updates. Invoice Discounting Rapid Reconciliation, live since April 2024, now matches Integrated Data Solutions ledgers automatically, eliminating month-end statement checks. These tools build on Trade Pay – instant supplier payments drawn through the new HSBC Trade Solutions core – and on Global Wallet, which lets corporates move and hold multiple currencies in one online account, reducing settlement friction.
The product push was reinforced by deeper sector coverage: 2024 saw new UK teams in real estate finance, professional services and infrastructure join established specialists in retail, technology and manufacturing, while a beefed-up sustainability desk and the Digital Credit Platform’s 50% faster underwriting have improved response times for complex financing.
Internally, this broader coverage has been paired with Autohedge, an automated FX engine embedded in the Evolve platform that executes pre-agreed strategies without manual trade entry, smoothing treasury workflows for treasurers with material sterling exposures.
The bank also impressed with its recent deal activity. It notably acted as joint arranger of a pioneering £100 million facility for Rock Road, whose leasing model will fund the next generation of zero-emission buses across London and other UK cities, bringing in Aviva and the National Wealth Fund alongside the bank.
HSBC also structured Asda’s new Sustainable Supply-Chain Finance programme, offering preferential rates to suppliers that cut Scope 3 emissions, and extended maltster Muntons’ asset-based lending (ABL) line while overlaying one of the first sustainability-improvement loans within an ABL framework. Together these deals demonstrate the bank’s ability to channel balance sheet, environmental, social and governance structuring skill and digital execution toward clients’ decarbonisation and growth agendas.
