Despite lingering macroeconomic uncertainty, global M&A activity in the financial services sector showed resilience in the first half of 2025. According to EYβs latest analysis, 1,125 publicly announced or completed transactions were reported globally in H1 2025 β a modest 2% increase from the 1,106 deals reported in H1 2024. However, deal value tells a more compelling story, rising from $137.2bn in H1 2024 to $160.8bn in H1 2025.
A Return of High-Value Transactions
One of the most striking trends of the first half of 2025 has been the marked increase in large-scale deals. A total of 35 transactions exceeded $1bn in value β up from 23 in H1 2024 β and these accounted for 83% of the total disclosed value. The top 10 deals alone made up $90.6bn, or 56% of global deal value, highlighting a renewed appetite for megadeals as firms pursue strategic growth and scale.
βDespite challenging market conditions, dealmaking across the worldβs major financial centers has not abated, as falling inflation and interest rates maintain market confidence,β says Omar Ali, EY Global Financial Services Leader.
Regional Highlights
Europe: Sharp Growth in Deal Value
M&A activity across Europe rose by 6%, with 358 deals reported in H1 2025, up from 337 in the same period last year. The region saw a dramatic increase in total disclosed deal value, from $17.5bn in H1 2024 to $44.4bn β thanks in part to ten deals over $1bn and one exceeding $10bn. All core sectors β banking, insurance, and wealth/asset management β contributed to this surge, particularly insurance, where deal value grew nearly five-fold.
North America: Slight Decline in Volume, Outbound Surge
North America experienced a 4.5% decline in deal volume, with 505 deals in H1 2025 versus 529 a year earlier. Total disclosed value also dipped, from $104.6bn to $91.5bn. However, U.S. and Canadian firms showed increased interest in overseas expansion β outbound deal value rose more than tenfold to $12.5bn, a notable strategic shift.
Asia and Oceania: Steady Growth in Both Volume and Value
Asia and Oceania posted healthy M&A momentum, with 176 deals (+6% YoY) and total disclosed value nearly doubling from $9.2bn to $17.6bn. This rise was supported by three $1bn+ deals, along with a significant increase in wealth and asset management deal value.
Sector Snapshots
Banking: Deal activity remained stable in Europe and Asia but dipped slightly in North America. Total global banking deal value grew in all regions.
Insurance: European deal value surged, while North America saw a mild decline in both volume and value. Asia posted growth across the board.
Wealth & Asset Management: Volume rose in Europe and North America but fell in Asia. However, deal value increased significantly in all three regions.
Outlook for H2 2025
As inflation and interest rates continue to decline, and as regulatory environments ease (particularly in the U.S.), optimism is building for the second half of 2025. According to Andre Veissid, EY-Parthenon Global Financial Services Industry Leader:
βWith high levels of market volatility, only the most compelling deals moved forward in H1. But provided macroeconomic conditions continue to improve, M&A activity is expected to accelerate, as firms pursue scale, cost efficiency, and strategic growth.β
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