EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
Press release
08 Jan 2026
|
London, United Kingdom
Global financial services M&A activity rose in 2025, with 93 deals over $1b in value announced
The total value of announced or completed M&A transactions in the global financial services sector in 2025 rose 49% year-on-year (yoy), boosted by a significant annual increase in the number of deals over $1b, according to latest EY financial services M&A analysis.
Banks, insurers and asset managers across the world’s major financial services markets publicly disclosed 2,236 deals in 2025 – up slightly from 2,219 deals in 2024, which at the time was a 10-year peak. Total disclosed value for global financial services deals in 2025 rose significantly, from $282.1b in 2024 to $418.9b in 2025, with 93 deals announced above $1b in value, representing 81% of total deal value. This compares to 54 deals above $1b over 2024. Around 10% of all financial services deals in 2025 were driven by private equity or venture capital firms, with the rest of transactions taking place between corporate institutions.
Omar Ali, EY Global Financial Services Leader, says:
“Market conditions continued to challenge global financial services dealmaking in 2025 but did not dampen investment appetite within the sector. While the number of deals was only up marginally year-on-year, overall value was up 49%. Transactions exceeding $1b rose more than 70%, and every region globally reported growth in deal value.
“With more than 2,000 financial services deals announced or completed worldwide in 2025 – including 93 megadeals – growth, scaling, and innovation are clearly at the top of the agenda, and firms are increasingly emboldened to transact higher-quality assets that command premium valuations to achieve their competitive goals.”
2025 financial services M&A overview – Europe
Across Europe, M&A activity rose in 2025, with a 6% yoy increase in the number of publicly disclosed deals, totalling 759 compared to 715 in 2024. Total disclosed deal value also increased across the region, rising from $49.5b in 2024 to $141.2b in 2025, due to 30 deals above $1b and two deal surpassing $10b in value.
2025 financial services M&A overview – North America
In the United States and Canada, M&A activity fell in 2025, with an 5% yoy decline in the number of publicly disclosed deals, totalling 947 deals compared to 998 deals in 2024. Despite this, total disclosed deal value in North America increased, from $166.9b in 2024 to $188.7b in 2025.
2025 financial services M&A overview – Asia and Oceania
Across Asian and Oceanian markets, M&A activity reported a marginal uptick in 2025, with a 0.8% yoy rise in the number of publicly disclosed deals, totalling 360 deals compared to 357 in 2024. Despite this, total disclosed deal value increased, rising from $40.4b in 2024 to $65.5b in 2025.
Andre Veissid, EY-Parthenon Global Financial Services Industry Leader, says:
“Looking back at 2025, investor confidence in global financial services dealmaking strengthened steadily, and the year closed with an impressive overall value for M&A. Firms engaged in strategic M&A, and at the top end of dealmaking, more megadeals completed in 2025 than in the two years prior combined, as corporate balance sheets strengthened and regulation softened, especially in the US.
“Looking ahead, provided inflation and interest rates continue to fall back across major financial markets, confidence is expected to pick up even more. This should boost acquisition appetite further, as firms use M&A activity to support revenue growth and cost optimisation.”
Sector-specific M&A activity across Europe’s financial markets
- European banking deals rose from 183 in 2024 to 219 in 2025, and deal value rose more than quadrupled, from $17.5b in 2024 to $73.5b in 2025.
- European insurance deals fell from 309 in 2024 to 297 in 2025, while deal value more than quadrupled, from $11.1b in 2024 to $49.2b in 2025.
- European wealth and asset management deals increased from 223 deals in 2024 to 243 in 2025, but deal value fell, from $20.9b in 2024 to $18.5b in 2025.
The number of non-European firms acquiring European targets rose from 107 in 2024 to 119 in 2025, while total disclosed deal value increased significantly, rising from $5.1b in 2024 to $47.9b in 2025. The number of European firms acquiring targets from other markets increased marginally from 64 in 2024 to 66 in 2025, with total disclosed deal value rising from $5.1b in 2024 to $8.4b in 2025.
Sector-specific M&A activity across North America’s financial markets
- North American banking deals rose from 236 in 2024 to 270 in 2025, and deal value increased from $78.7b in 2024 to $119.1b in 2025.
- North American insurance deals fell from 455 in 2024 to 355 in 2025, and deal value also fell, from $48.7b in 2024 to $41.6b in 2025.
- North American wealth and asset management deals rose from 307 in 2024 to 322 in 2025, while deal value decreased from $39.5b in 2024 to $27.9b in 2025.
The number of non-US or Canadian firms acquiring US and Canadian targets increased from 39 in 2024 to 52 in 2025, and the total disclosed deal value rose from $12.1b in 2024 to $16.3b in 2025. The number of US and Canadian firms acquiring targets from other markets increased from 107 in 2024 to 148 in 2025, and total disclosed deal value increased significantly from $5.8b in 2024 to $51.8b in 2025.
Sector specific M&A activity across Asia and Oceania’s major financial markets
- Asian and Oceania’s banking deals fell from 190 in 2024 to 185 in 2025, while deal value rose from $31.8b in 2024 to $45.1b in 2025.
- Asian and Oceania’s insurance deals increased from 69 in 2024 to 87 in 2025, and deal value rose from $6.3b in 2024 to $11.1b in 2025.
- Asian and Oceania’s wealth and asset management deals fell from 98 in 2024 to 88 in 2025, but deal value significantly rose from $2.3b in 2024 to $9.3b in 2025.
The number of non-Asian and Oceanian firms acquiring Asian and Oceanian targets decreased from 56 in 2024 and to 54 in 2025, while the total disclosed deal value increased from $4.3b in 2024 to $10.2b in 2025. The number of Asian and Oceanian firms acquiring targets from other markets rose from 29 in 2024 to 30 in 2025, and total disclosed deal value increased from $14.8b in 2024 to $19.4b in 2025.
ENDS
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organisation that also does not provide any services to clients.
Notes to editors:
- Within the analysis, 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 - 31 December 2025
- There is no minimum disclosed value deal threshold
Related news
EY survey reveals large gap between government organizations’ AI ambitions and reality
LONDON, 18 JUNE 2025. Government and public sector organizations recognize the vital role of data and artificial intelligence (AI), yet a substantial implementation gap remains, according to a recent EY survey of nearly 500 senior government executives.
EY announces publication of bold 12-Point plan to help reignite foreign investment in Europe
LONDON, 17 JUNE 2025. In a new report, the EY organization is calling on European business and government leaders to consider 12 collective steps to help enhance the continent’s attractiveness after foreign direct investment (FDI) into Europe hit a nine-year low in 2024.
LONDON, 12 June 2025 – The EY organization announces today the launch of new solutions to tackle the complexities of modern risk management in collaboration with NVIDIA. The solutions, EY.ai for Risk, aim to consolidate risk technology and knowledge into a single, cohesive system built on the EY.ai agentic platform, first unveiled in March.
Stina Ehrensvärd from Sweden named EY World Entrepreneur Of The Year™ 2025
MONACO, 6 June 2025 – Stina Ehrensvärd, co-founder of Yubico, was named the EY World Entrepreneur Of The Year 2025 at an award ceremony held in Monaco’s Salle des Etoiles.
EY survey: AI adoption outpaces governance as risk awareness among the C-suite remains low
LONDON, 4 June 2025. The EY organization today released findings from its Responsible AI Pulse survey, revealing a substantial gap between how confident C-suite executives feel about their artificial intelligence (AI) systems and the current level of governance controls in place.
LONDON, 29 MAY 2025. The EY organization today announces the EY.ai enterprise private, an on-premises deployment model powered by the Dell AI Factory with NVIDIA and EY.ai Agentic Framework and Model Catalog.