Investment banking fees generated in Singapore fell with M&A activity in the city-state reaching a 10-year low.
Singapore is undergoing a dealmaking slump, with the value of activities from mergers and acquisitions involving the city-state falling 65 percent to $35 billion in the first nine months of 2023, according to Refinitiv data. This marks the lowest level since the same period in 2013.
The financial sector led in terms of total deal volume involving a Singapore target while the high-tech sector led by the number of deals recorded.
As a result, investment banking fees in Singapore were also hit as they fell 20 percent year-on-year to an estimated $585 million. Advisory fees from M&A activities tumbled 32 percent to around $184 million.
