BNP Paribas has surged to third place in UK M&A rankings, advising on £25.6 billion worth of deals so far this year. The French bank's performance already exceeds its total UK M&A volume from all of 2024, according to Dealogic data. This marks a dramatic rise for BNP, which finished 2024 ranked 16th in UK advisory work.

The bank's climb has been fueled by advising on two major UK acquisitions: Nuveen's £9.9 billion purchase of Schroders and Engie's £10.5 billion takeover of UK Power Networks. BNP has been expanding its UK team, which now includes about 20 senior bankers focused on takeover deals. The bank aims to become a top 10 UK player.

BNP's success comes as it leverages its balance sheet to provide financing alongside advisory work, as seen in the Nuveen-Schroders deal. The bank sees opportunities in industrials and telecoms, media and technology sectors. While BNP has expanded its corporate and investment bank in recent years, it remains focused on building its UK franchise amid a turbulent start to 2025's dealmaking environment.