Goldman Sachs has strengthened its position as the leading mergers and acquisitions adviser in Europe, the Middle East, and Africa during the first half of 2026, capturing its largest share of the market in nearly a decade as regional dealmaking reached its highest level in 19 years, according to LSEG data.

Dealmaking in the region totaled $676 billion during the January to June period, more than double 2025 levels, reflecting a backdrop of looser regulatory constraints and renewed corporate confidence. Goldman advised on 111 deals, representing 44% of the EMEA M&A total by value in the first six months of 2026, up from 42% in the same period a year earlier. The bank’s share was its highest for the January-June period since 2018, when it reached 46%.

The investment bank, which is also the global leader in M&A advisory, has long dominated the EMEA sector. In the first half of this year, its closest rival, JPMorgan, managed to slightly narrow the gap but still trailed with 35% market share after advising on 99 announced deals. That compared with Goldman’s 11 percentage point lead over JPMorgan in the first half of 2025. Globally, Goldman maintained a commanding 38% market share and advised on the biggest number of deals of any firm.

“Companies are taking a long-term strategic view and investing for where they want to be in the coming decades, not just the next few quarters,” said Carsten Woehrn, co-head of M&A in EMEA at Goldman Sachs.

Goldman’s dominance was particularly evident in the largest transactions. The bank advised on 15 of the 20 biggest deals in the region, including working alongside Morgan Stanley on Unilever’s approximately $45 billion sale of its food business to McCormick, the largest deal of the period, and on TK Elevators’ $34 billion combination with Kone. Its closest rival, JPMorgan, worked on 13 of the biggest deals and was not involved in the Unilever-McCormick transaction.

Goldman’s sustained leadership in EMEA M&A comes amid a broader transformation in the advisory landscape since the global financial crisis, when the field became narrower and more concentrated, according to Valeria Vitkova, associate professor of finance at Bayes Business School.

“The firm’s sustained leadership reflects more than simply a succession of favorable years. It appears to represent a sustained competitive advantage that has persisted throughout the post-crisis period,” said Vitkova, who added that in that period dealmaking has become more complex.

The surge in activity this year contrasts with last year’s slowdown, which was partly attributed to initial uncertainty surrounding U.S. President Donald Trump’s return to the White House. Despite ongoing market volatility, bankers report that companies are increasingly looking beyond short-term turbulence to pursue strategic opportunities.

Independent advisory boutique Rothschild advised on the highest number of deals at 163, but Goldman’s lead was built on its involvement in the largest transactions. This highlights the bank’s strength in handling complex, high-value mandates that require deep sector expertise and global reach.

The robust first-half performance suggests dealmakers are regaining confidence after a period of caution. Looser regulatory constraints in parts of the region have likely contributed to the pickup, allowing companies to pursue transactions that might have faced greater hurdles in previous years.

Analysts believe that Goldman maintaining its position at the top of the league tables bolsters its reputation as the go-to adviser for major strategic moves. The bank’s ability to secure mandates on some of the period’s most significant deals underscores its competitive edge in a market where relationships, expertise, and execution capabilities remain paramount.

However, the competitive landscape continues to evolve. Analysts note that JPMorgan’s ability to narrow the gap slightly indicates that rivals are also positioning themselves strongly. Other players, including boutique firms like Rothschild, continue to carve out significant roles, particularly in terms of deal volume.

Looking ahead, bankers caution that league tables could shift substantially in the second half if announced deals fail to close. Goldman, for instance, is advising Commerzbank, which has been seeking to fend off a $28 billion bid from UniCredit. The outcome of such high-profile situations could influence final rankings.

However, the strong first-half performance in EMEA M&A provides an encouraging signal for the global dealmaking environment.

Nigeria’s cryptocurrency regulatory framework has expanded further after the Securities and Exchange Commission (SEC) admitted seven additional companies into its Accelerated Regulatory Incubation Programme (ARIP), marking another milestone in the government’s efforts to bring the country’s rapidly growing digital asset industry under formal regulatory supervision.

The Commission disclosed the development in a statement issued on Friday, announcing that the newly admitted firms have been granted Approval-in-Principle (AIP), allowing them to operate within the regulatory sandbox under defined conditions while remaining subject to ongoing regulatory oversight.

The newly admitted companies are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.

The latest approvals significantly expand the number of digital asset businesses operating within the SEC’s supervised framework, following the admission of Quidax and Busha into the programme in August 2024. The move forms part of the Commission’s broader strategy to create a structured regulatory environment for cryptocurrency exchanges, custodians, tokenization platforms and other virtual asset service providers operating in Nigeria.

The SEC said the Approval-in-Principle confirms that each company has successfully met the admission requirements for participation in the Accelerated Regulatory Incubation Programme, but clarified that the approval does not constitute a full operating license.

“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. Please note that it is not a final license and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the Commission stated.

According to the regulator, the admissions demonstrate its commitment to encouraging responsible innovation in Nigeria’s capital market while maintaining investor protection, market integrity and regulatory oversight as the digital asset ecosystem continues to evolve.

The latest approvals also signal the SEC’s determination to replace years of regulatory uncertainty with a clearer licensing pathway for cryptocurrency operators. Nigeria has emerged as one of Africa’s largest cryptocurrency markets, driven by widespread retail adoption, cross-border payments, remittances and growing institutional interest, even as the sector has experienced periods of policy uncertainty.

One of the newly admitted firms, Luno, described the approval as a significant step in its long-term operations in Nigeria. In a separate statement, the cryptocurrency exchange said the Approval-in-Principle followed an extensive engagement process with the SEC and provides a clearer regulatory framework for its expansion plans.

Luno, which began operating in Nigeria in 2015, said the approval strengthens its ability to serve both retail and institutional customers as demand for regulated digital asset services continues to grow.

Luno Nigeria Chief Executive Officer, Ayotunde Alabi, described the development as an important validation of the company’s regulatory approach.

“This is an important milestone for Luno Nigeria and a strong validation of our commitment to building responsibly in one of Africa’s most important cryptocurrency markets,” Alabi said.

He added that the regulatory approval would deepen the company’s engagement with customers and institutional partners while supporting its expansion into business-to-business (B2B) services.

Luno said regulatory clarity has become important as banks, fintech companies, payment providers, asset managers, and corporate organizations continue to explore digital asset products and blockchain-based financial services. The company disclosed plans to broaden its institutional offerings, including digital asset infrastructure, stablecoin applications, treasury management solutions and crypto-as-a-service products designed for businesses seeking regulated exposure to digital assets.

The latest admissions build on regulatory milestones achieved over the past two years. In 2024, the SEC granted Approval-in-Principle to Quidax and Busha, making them the first cryptocurrency exchanges to receive formal recognition under the Accelerated Regulatory Incubation Programme.

At the same time, the Commission admitted four companies into its Regulatory Incubation (RI) Programme to test their business models and technology under controlled regulatory supervision. Those firms included Trovotech Ltd, Wrapped CBDC Ltd, Dream City Capital and HousingExchange.NG Ltd. With Trovotech Ltd and Wrapped CBDC Ltd now progressing into the Accelerated Regulatory Incubation Programme, the companies move a step closer to obtaining full regulatory authorisation.

The SEC has consistently maintained that additional approvals will be granted on a case-by-case basis as applicants satisfy its regulatory requirements. It has also emphasized that Approval-in-Principle serves only as a precursor to full registration and does not represent a final license to operate.

The Accelerated Regulatory Incubation Programme functions as the Commission’s regulatory sandbox, enabling digital asset service providers and other investment technology firms to operate within a supervised environment while regulators assess their business models, governance structures, technology and compliance systems before issuing permanent licenses.

The framework is designed to help the SEC balance innovation with investor protection by allowing emerging financial technologies to develop under regulatory oversight rather than outside it.

The expansion of the programme comes as regulators worldwide continue developing comprehensive rules for digital assets, stablecoins, tokenized securities and other blockchain-based financial services. This comes amid growing institutional participation and increasing integration between traditional finance and digital asset markets.