The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Privatization Poll: Who's best at privatization?

Euromoney's poll of government finance ministries, privatized companies, investors and banks puts Goldman Sachs, Merrill Lynch and Morgan Stanley at the top of the privatization rankings. Their European rivals are on the whole less popular, but not as unpopular as, say, the words "French privatization" are to the average investor. By Charles Piggott and Sasha Zbitnoff.

Goldman Sachs has long been acknowledged as an expert in privatization but Euromoney's poll shows just how far ahead of the pack Goldman is:overall, Goldman Sachs ranks 49 points ahead of its closest competitor -more than most banks scored in total.

Euromoney's ranking of the top 20 privatization banks is based on aggregate scores given by governments, privatized companies, investors and the banks' peers. Euromoney asked government ministry officials involved in privatization programmes, company directors of privatized companies, and heads of equity capital markets: "Overall, which banks or investment banks are the best global co-ordinators of privatization issues?"Institutional investors were asked: "Overall, which banks or investment banks do you most like to buy privatization shares from?" Scores from these questions were added together to produce the top 20 banks overall.

The three tables which follow the overall top 20 show how each group voted.Bankers consistently named the same half-dozen banks as best at privatization,while government officials, company directors and, to a lesser extent, investors were more wide-ranging in their answers. Whereas the banks themselves nominated only 10 banks among the overall best global co-ordinators, governments and companies named 29 different banks.

The triumvirate of Goldman Sachs, Merrill Lynch and Morgan Stanley appears consistently at or near the top throughout the survey.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree