Best international bank: BNP Paribas
BNP Paribas has built the largest and most integrated international banking platform in Denmark, with clear scale, growth, product depth and landmark execution in 2025.
The Nordic region has been a strategic priority for BNP Paribas since 2018, with heavy investment driving headcount and revenue growth for the bank. It is one of the few international banks with direct access to local clearing systems in Denmark, enabling domestic payments without intermediaries. In Denmark, that includes services such as BetalingsService direct debits, giving clients a more frictionless local operating model while still using an international banking partner. This local clearing access is combined with a broader global footprint, including cash management operations across 40+ countries, hundreds of trade finance experts worldwide, and a European network of 150 corporate banking centres. For Danish companies with international treasury, trade and payment needs, BNP Paribas can therefore marry domestic execution with global connectivity.
BNPP is also one of the leading investment banks in Denmark. In 2025, the standout transactions related to Ørsted, with the bank acting as joint global coordinator on the largest-ever equity raise in the Nordics.
The bank was also an adviser to Ørsted on the divestment of its European onshore business to Copenhagen Infrastructure Partners. Its range of ECM, M&A and transaction banking roles shows BNPP delivering across the capital structure and operating cycle of a major Danish strategic client.
Beyond Ørsted, BNPP acted as buy-side adviser to DSV on its acquisition of DB Schenker, and on DSV’s accelerated bookbuild, which was the largest-ever Danish ECM transaction and the largest accelerated bookbuild in the Nordics.
For Novo Nordisk, BNPP supported several major financings, including a multi-tranche senior unsecured bond that was the largest-ever euro transaction from a Nordic corporate. These mandates demonstrate the bank’s ability to support Danish champions with complex, multi-product financing and capital markets execution.
Best investment bank for M&A: DNB Carnegie
In Danish M&A, DNB Carnegie advises Nordic companies seeking new ownership, with particular strength in sell-side mandates, public M&A and complex transactions requiring sector expertise and international buyer reach. In 2025, this approach translated into a market-leading year.
DNB Carnegie advised on 13 notable Danish transactions, including seven private M&A sell-side transactions, three public takeovers, one private M&A buy-side transaction and two private capital raises. This performance came despite a more difficult M&A environment, with lower activity levels and a challenging fundraising backdrop for private equity, underlining the firm’s ability to gain share when execution conditions are less straightforward.
The bank consistently tailors processes to the asset, shareholder base and buyer universe, for bespoke solutions under a process-led advisory model. For the sale of Uniconta to Bregal Unternehmerkapital, DNB Carnegie ran a focused auction designed to sustain competitive momentum, balancing significant interest from Nordic and international strategic and private equity buyers.
Similarly, with the sale of Danelec from Verdane to GTT, DNB Carnegie first conducted a strategic merger-candidate analysis and soft-sounding phase before moving into a targeted process with a limited group of strategic buyers. That preparation helped maintain competitive tension and led to final negotiations with several strategic parties at attractive valuation levels.
DNB Carnegie was also highly active in Danish public M&A, reinforcing its position as the most active adviser in public takeover situations. In Nilfisk, it advised on the all-cash, board-recommended takeover by Freudenberg Home and Cleaning Solutions, valuing the company at a premium of around 36% to the prior close. DNB Carnegie delivered the fairness opinion in record time, helping support shareholder acceptance. With Spar Nord Bank, DNB Carnegie demonstrated strong FIG capability through the successful public takeover by Nykredit Realkredit, contributing to major Danish banking sector consolidation.
Equity solutions are integrated into DNB Carnegie’s strategic advice. The bank assesses the full spectrum of capital and ownership alternatives in every mandate, including continuation vehicles, minority transactions, private placements, public equity routes and public-to-private structures. This product-agnostic approach gives clients broader strategic optionality and greater execution certainty, especially in complex ownership situations.
