Global investment banks are charming Australia’s next generation of corporate darlings with old-fashioned banking, hoping the next 10-bagger exists within middle-market businesses that could go public or lock in a private equity payday.

JP Morgan, Citigroup and their equivalents have allocated millions of dollars in resources to local commercial banking teams, charged with scouring the country for emerging companies that need foreign exchange, hedging services or opening accounts overseas to take their operations offshore.