Global financial services M&A activity rose in H1 2025, with 35 deals announced over $1bn in value

Announced or completed M&A transactions in the global financial services sector rose marginally in the first half of this year, with a 2% half year-on-year increase in the number of reported deals, according to the latest EY financial services M&A analysis.

Banks, insurers and asset managers across the world’s major financial services markets publicly disclosed 1,125 deals in H1 2025, compared to 1,106 deals in H1 2024. Total disclosed value for global financial services deals also rose, from $137.2bn in H1 2024 to $160.8bn in H1 2025 – with 35 deals announced above $1bn in value, representing 83% of total deal value. This compares to 23 deals above $1bn in H1 2024 and 55 such deals across the whole of 2024.

Over H1 2025, the ten biggest deals accounted for 56% of total value ($90.6bn). Expanding this view to the top twenty, these deals accounted for 71% of total value ($113.6bn).

Global financial services M&A activity reached a peak in 2024, with a total of 2,222 deals announced worldwide over the year, representing the highest annual volume since 2015. The distribution of deals was spread almost equally across H1 and H2 2024.

Omar Ali, EY Global Financial Services Leader, comments: “Despite challenging market conditions, dealmaking across the world’s major financial centers has not abated, as falling inflation and interest rates maintain market confidence. Through the first half of this year M&A activity rose, buoyed by a growing number of transactions over the $1bn mark. With well over 1,000 financial services deals announced or completed worldwide in H1 2025, investment appetite within the sector is robust, with firms increasingly looking to high-quality assets that command premium valuations to achieve competitive growth.”

H1 2025 financial services M&A overview – Europe

Across Europe, M&A activity reported an uptick in H1 2025, with a 6% half year-on-year increase in the number of publicly disclosed deals, totalling 358 compared to 337 in H1 2024. The total disclosed deal value saw a significant increase, rising from $17.5bn in H1 2024 to $44.4bn in H1 2025, due to ten deals above $1bn and one deal surpassing $10bn in value.

H1 2025 financial services M&A overview – North America

In the United States and Canada, M&A activity slightly decreased in H1 2025, with a 4.5% half year-on-year decline in the number of publicly disclosed deals, totalling 505 deals compared to 529 deals in H1 2024. The total disclosed deal value also decreased, from $104.6bn in H1 2024 to $91.5bn in H1 2025.

H1 2025 financial services M&A overview – Asia and Oceania

Across Asian and Oceanian markets, M&A activity reported a rise in H1 2025, with a 6% half year-on-year rise in the number of publicly disclosed deals, totalling 176 deals compared to 166 in H1 2024. The total disclosed deal value increased materially, rising from $9.2bn in H1 2024 to $17.6bn in H1 2025, due to three deals above the $1bn mark.

Andre Veissid, EY-Parthenon Global Financial Services Industry Leader, comments: “Global market interest in financial services M&A is strong, and investor confidence is rising. At the top end of dealmaking, we are seeing more megadeals complete as macroeconomic conditions improve – strengthening corporate balance sheets – and as regulation perceptibly softens, especially in the US. But, with high levels of market volatility, despite a high transaction value overall for the first half of this year, M&A volume was up only marginally from H1 2024, as only the most compelling deals moved forward while others pressed pause.

“Over the next six months, provided inflation and interest rates continue to fall, optimism – and activity – is expected to pick up further, as strategic acquisitions to grow revenue and achieve cost optimisation continues.”

 Sector-specific M&A activity across Europe’s financial markets

• European banking deals remained flat at 97 in both H1 2024 and H1 2025, but deal value almost doubled year-on-year, from $11.5bn in H1 2024 to $21.5bn in H1 2025.
• European insurance deals slightly fell from 150 in H1 2024 to 148 in H1 2025, but deal value rose almost five-fold, from $4.1bn in H1 2024 to $20.3bn in H1 2025.
• European wealth and asset management deals rose from 90 deals in H1 2024 to 113 in H1 2025, and deal value also rose, from $1.9bn in H1 2024 to $2.7bn in H1 2025.

The number of non-European firms acquiring European targets rose very marginally from 53 in H1 2024 to 55 in H1 2025, while total disclosed deal value increased significantly, rising from $1.5bn in H1 2024 to $14.7bn in H1 2025. The number of European firms acquiring targets from other markets increased marginally from 32 in H1 2024 to 33 in H1 2025, with total disclosed deal value falling from $1.1bn in H1 2024 to $0.5bn in H1 2025.

Sector-specific M&A activity across North America’s financial markets

• North American banking deals fell slightly from 127 in H1 2024 to 125 in H1 2025, while deal value increased, from $61.1bn in H1 2024 to $62.6bn in H1 2025.
• North American insurance deals fell from 236 in H1 2024 to 204 in H1 2025, and deal value also fell, from $21.3bn in H1 2024 to $20.8bn in H1 2025.
• North American wealth and asset management deals rose from 166 in H1 2024 to 176 in H1 2025, while deal value more than halved from $22.2bn in H1 2024 to $8.1bn in H1 2025.

The number of non-US or Canadian firms acquiring US and Canadian targets increased from 21 in H1 2024 to 23 in H1 2025, and the total disclosed deal value rose from $4.6bn in H1 2024 to $4.8bn in H1 2025. The number of US and Canadian firms acquiring targets from other markets increased from 48 in H1 2024 to 69 in H1 2025, while total disclosed deal value increased more than ten-fold from $1.1bn in H1 2024 to $12.5bn in H1 2025.

Sector-specific M&A activity across Asia and Oceania’s major financial markets

• Asian and Oceania’s banking deals increased from 78 in H1 2024 to 92 in H1 2025, and deal value also increased from $6.1bn in H1 2024 to $6.5bn in H1 2025.
• Asian and Oceania’s insurance deals increased from 36 in H1 2024 to 41 in H1 2025, and deal value rose from $2.4bn in H1 2024 to $4.7bn in H1 2025.
• Asian and Oceania’s wealth and asset management deals fell from 52 in H1 2024 to 43 in H1 2025, while deal value significantly rose from $0.7bn in H1 2024 to $6.5bn in H1 2025.

The number of non-Asian and Oceanian firms acquiring Asian and Oceanian targets increased from 23 in H1 2024 and to 24 in H1 2025, and the total disclosed deal value also increased from $1.0bn in H1 2024 to $1.3bn in H1 2025. The number of Asian and Oceanian firms acquiring targets from other markets fell from 15 in H1 2024 to 14 in H1 2025, but the total disclosed deal value increased from $4.4bn in H1 2024 to $11.8bn in H1 2025.

ENDS

Notes to editors:

• Deals include transactions (announced or completed) where the target is in one of the three financial services sectors: banking, insurance, or asset management
• European markets cover the entire region without exception
• North American markets cover the US and Canada
• Asian and Oceanian markets include: India, Pakistan, Japan, Singapore, Hong Kong, Mainland China, Australia, Indonesia, New Zealand, Sri Lanka, South Korea, Thailand, Philippines, Vietnam, Malaysia, Bangladesh, Taiwan, Cambodia, Nepal, Macau, Papua N Guinea, North Korea, Fiji, Maldives, Western Samoa, Brunei, Mongolia, Myanmar, Laos, Guam, Solomon Islands, Vanuatu
• Equity investments are included, but joint ventures are not
• Deals where less than 20% (disclosed) of the company or a minority stake was acquired have been excluded
• Data range: 1 January 2025 – 30 June 2025
• There is no minimum disclosed value deal threshold