In the global financial services industry, there were 536 M&A deals announced in Q4 2023, worth a total value of $53.9bn, according to GlobalData’s Deals Database. The $16.6bn acquisition of Signature Bridge Bank NA by PNC Financial Services Group was the industry’s largest disclosed deal. GlobalData’s Banking and Payments Industry Mergers and Acquisitions Deals by Top Themes report for 2023 unveils the driving forces behind the M&A activities in the industry, providing crucial insights into trends and shifts. Buy the report here.

In value terms, M&A activity increased by 190% in Q4 2023 compared with the previous quarter’s total of $18.6bn and rose by 243% as compared to Q4 2022. Related deal volume decreased by 9% in Q4 2023 versus the previous quarter and was 20% lower than in Q4 2022.

Notably, foreign direct investments (fdi)-related deals accounted for a 27% share of the global financial services industry’s M&A activity in Q4 2023, up 1% over the previous quarter.

The top-ranked financial advisors supporting these M&A deals in Q4 2023 were Rothschild & Co; Evercore; Houlihan Lokey with 20, 19, 17 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q4 2023 were Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates; Alston & Bird; Kirkland & Ellis with 33, 30, 29 deals respectively.

For further understanding of GlobalData's Banking and Payments Industry M&A Deals by Top Themes in 2023 – Thematic Intelligence, buy the report here.

This content was updated on 8 January 2024

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Deals Database tracks global deal activity, including mergers, acquisitions, capital raising, strategic alliances, and licensing agreements. Proprietary analysis is used to group deals into key thematic areas and granular sectors across the world’s largest industries.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Deal type includes Acquisition, Asset transactions and Mergers.