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Press release
13 Jan 2026
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.
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, totaling 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.
Romanian M&A activity in the Financial Services sector was solid in 2025, with dealmaking increasingly focused on market consolidation amidst growing regulatory burdens. A total of 12 transactions were announced, representing a 50% year-on-year increase in deal volume. While recent years were marked by the exit of some large banking players, including the divestment of OTP Bank’s Romanian operations and exits by Alpha Bank and First Bank, 2025 activity was driven by insurance M&A, which picked up significantly. Transaction volumes in the insurance segment more than doubled year-on-year to seven deals, all of which were domestic. This trend reflects the continuation of a long-standing consolidation process, underpinned by a fragmentated landscape. In 2026, financial services M&A activity is expected to remain dynamic with consolidation likely to continue in the banking sector.
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, totaling 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, totaling 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.
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 optimization.
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.