Interview with Mark Lynagh, Head of Global Banking UK & Deputy Head of Global Capital Markets EMEA at BNP Paribas.
How do you view the UK market today and how do you see it evolving?
The UK market remains a core pillar for European investment banking (IB) and activity levels were solid in most areas during the first half of 2025, and we anticipate this will continue throughout the rest of the year. Despite greater uncertainty presented by geopolitical tensions in various parts of the world and bouts of tariff-driven market volatility, our clients have remained active. Decision-making timelines have extended and there has been an increase in clients undertaking risk management strategies, with most clients looking beyond short-term distractions – consumer demand has remained relatively robust, and there are underlying major investment themes that continue.
In terms of future evolution, we see growth in terms of the significant technology investments (e.g. AI and associated infrastructure), the defence sector, as well as the continued need to finance the energy transition. All these areas will require huge investment, and we are well-placed to play an important role across financing, advisory and risk management thanks to the strong expertise of our teams.
How can BNP Paribas support this momentum and what are the Group’s ambitions in the UK?
Thanks to our diversified and integrated business model, we are already in a strong position. To help facilitate our ambition, we have been selectively expanding our UK-based sector, advisory, coverage and broking teams, to complement investments in other regions across our global set-up. All of this should help further elevate our relevance to the C-suite of our UK client base.
A number of the Bank’s most important corporate and financial clients are based in the UK (which today represent the largest IB fee pool in Europe), and London has always been, and looks set to remain, a major global centre for financial markets. BNP Paribas ranked 3rd for investment banking in EMEA, and 11th in the UK, based on fees as of June 2025 according to Dealogic. The UK is a strategic priority for the Group, with a growth plan to further build our presence and market share.
Whilst we will be selectively adding clients, we are primarily focussed on delivering the full breadth of the Bank’s integrated offer to our existing large corporate and institutional relationships. Certain pockets of expansion will include the efforts of our Growth Capital & Solutions team, to source the exciting clients of the future. With deep expertise in equity advisory, structured‑financing solutions, and local coverage, this team delivers BNP Paribas’ full range of solutions to help European scale‑ups grow internationally.
You recently returned to the UK after your time in New York. How does it feel to be back?
It feels great to be back in London for this new challenge. Coming home to Marylebone feels natural to me, both personally and professionally. I thoroughly enjoyed my time in New York, and I am returning with a number of new internal connections and friendships, and an even more optimistic lens on the world. I worked in the London office for 15 years before relocating to New York, and it has been enjoyable to reconnect with fantastic colleagues, and a number of clients back in the UK over the last few months.
I am combining Head of Global Banking in the UK with the role of Deputy Head of Global Capital Markets, EMEA. We have many of our Global Capital Markets teams in London, so there is a natural synergy across the roles, which should only encourage even more collaboration.
In short, it is a very exciting time for BNP Paribas in the UK.
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