SKN | Bank of America Targets UK Expansion as Deal Activity Rebounds

A Broader Push Across Lending and Advisory

Bank of America is stepping up its UK expansion strategy, aiming to grow its footprint across balance sheet lending, corporate broking and M&A advisory as market conditions improve.

The initiative is being led by Stephen Little and Duncan Stewart, appointed to oversee the bank’s UK and Ireland investment banking operations. Their mandate is clear: scale the franchise across mid-market and large-cap segments while deepening relationships with existing corporate clients.

The bank already serves as corporate broker to 23 FTSE 100 companies and maintains strong ties across the FTSE 250, providing a platform for broader product penetration across financing, equity capital markets and advisory services.

Mid-Market Focus With Large-Deal Credentials

A central element of the strategy is expanding coverage of UK mid-market companies, particularly those listed in the FTSE 250. Hiring across equities research and sales reflects that commitment.

At the same time, Bank of America continues to compete for large transactions. Its advisory role on EP Group’s £3.6 billion acquisition of International Distributions Services, parent of Royal Mail, highlighted the bank’s ability to operate at scale in the UK M&A market.

The dual-track approach — building mid-market density while retaining large-cap execution capabilities — positions the bank to benefit from a broader recovery in corporate activity.

IPO Pipeline and Regulatory Tailwinds

Sentiment in the City of London has strengthened heading into 2026, supported by equity market gains and regulatory reforms designed to make the UK more competitive.

New listing rules allowing companies to issue up to 75 percent of existing share capital without a prospectus have improved flexibility for capital raises. These reforms are widely seen as issuer-friendly and may support both earlier-stage listings and larger IPOs.

Pitch activity across the City has picked up meaningfully, with several well-known companies reportedly preparing for market. The debate around natural listing venues has also become more balanced, as some international issuers reassess the challenges of attracting sustained investor attention in the deeper but more crowded US markets.

Relationship Banking in an AI Era

While artificial intelligence continues to reshape elements of financial services, leadership at Bank of America emphasizes that investment banking remains relationship-driven. Technology can enhance efficiency and analytics, but judgment, experience and client trust remain decisive in winning mandates.

Internal alignment and clear decision-making structures are viewed as essential in executing complex transactions. The bank’s collaborative culture is being positioned as a competitive advantage in an environment where speed and clarity often determine success.

Outlook

Bank of America’s UK growth plan aligns cyclical recovery with structural ambition. A rebound in deal activity, improved listing dynamics and stronger equity markets provide near-term momentum, while targeted hiring and mid-market expansion lay the groundwork for sustained franchise growth.

If transaction volumes continue to normalize and IPO pipelines convert into executed deals, the bank’s expanded UK footprint could translate into higher advisory share, deeper lending relationships and enhanced capital markets activity across one of Europe’s most important financial centers.

Confidential Advisory: This analysis is provided for informational purposes only and is intended for strategic insight. It should not be construed as investment advice or a solicitation to buy or sell any financial instrument.