Global financial services M&A activity rose again in H1 2026, with an increase in deal volume, but overall value fell as fewer megadeals completed.
Following a decade-high peak last year, announced or completed M&A transactions in the global financial services sector continued to rise in the first half of this year, with a 3% year-on-year increase in 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 1,137 deals in H1 2026, compared with 1,101 deals in H1 2025. However, total disclosed value for global financial services deals declined, from $191.3b in H1 2025 to $134.5b in H1 2026, with 25 megadeals announced above $1b in value, representing 80% of total deal value. This compares to 37 deals above $1b in H1 2025 and 55 deals in H2 2025.
Over H1 2026, the 10 biggest deals accounted for 58% of total value ($78.7b). Expanding this view to the top 20, these deals accounted for 75% of total value ($100.5b). This is largely consistent with H1 2025, where the 10 biggest deals accounted for 58% of total value ($111.3b), and the 20 biggest deals accounted for 72% of total value ($138.3b).
“Financial services firms have now adapted to operating in heightened uncertainty as standard, incorporating volatility into business-as-usual. But unpredictability has an impact, and is intensified by slower global economic growth, rising inflation and ongoing supply shocks. As such, despite the number of transactions rising, deal value in H1 this year across the world’s major markets is down on 2025 levels, as significantly fewer transactions completed over the $1b mark.
“However, despite market challenges, confidence is stabilising and boards are eager to accelerate the delivery of their strategic plans. As we look to the second half of 2026, we expect a pickup in dealmaking, as banks, insurers and asset managers increasingly look to M&A to achieve competitive growth and transformation.”
Omar Ali, EY Global Financial Services Leader
H1 2026 financial services M&A overview – Europe
Across Europe, M&A activity rose in H1 2026, with a 7% year-on-year increase in the number of publicly disclosed deals, reaching 375 deals compared to 350 in H1 2025. However, the total disclosed deal value fell, declining from $74.9b in H1 2025 to $63.9b in H1 2026.
H1 2026 financial services M&A overview – North America
In the United States and Canada, M&A activity rose in H1 2026, with an 8% year-on-year increase in the number of publicly disclosed deals, totaling 546 deals compared to 504 deals in H1 2025. The total disclosed deal value, however, declined materially, from $91.8b in H1 2025 to $48.5b in H1 2026, primarily due to a drop in large-cap deals, which fell from 19 in H1 2025 to 8 in H1 2026.
H1 2026 financial services M&A overview – Asia and Oceania
Across Asian and Oceanian markets, M&A activity declined in H1 2026, with a 14% year-on-year decrease in the number of publicly disclosed deals, totaling 147 deals compared to 170 in H1 2025. The total disclosed deal value decreased modestly, falling from $17.8b in H1 2025 to $15.8b in H1 2026.
“Global financial services M&A is even more resilient than the headline H1 numbers suggest. Over the last six months, mid-market and small-cap dealmaking was robust – supported by sustained private equity activity and the pipeline into the second half of 2026 is strong. The decline in total deal value is concentrated at the top end of the market, where fewer megadeals came through, masking solid underlying momentum.
“Looking to the second half of this year, structural and market dynamics point to a more constructive environment. Deal rationale has shifted from cost to growth, and while geopolitical tensions remain, the market has shown it can absorb the uncertainty. But the window of opportunity, particularly in the US, where the current regulatory backdrop is increasingly pro-growth and enabling – is likely temporary, and firms looking at M&A for strategic transformation would be well‑placed to act in the near-term.”
Andre Veissid, EY-Parthenon Global Financial Services Industry Leader
Sector-specific M&A activity across Europe’s financial markets
- European banking and capital markets deals decreased from 96 in H1 2025 to 88 in H1 2026, with deal value falling significantly from $50.7b in H1 2025 to $19.3b in H1 2026.
- European insurance deals increased from 146 in H1 2025 to 153 in H1 2026, while deal value declined from $21.6b in H1 2025 to $13.4b in H1 2026.
- European wealth and asset management deals rose from 108 deals in H1 2025 to 134 in H1 2026, with deal value rising markedly from $2.6b in H1 2025 to $31.1b in H1 2026. This uplift was largely driven by one deal valued at $13.4b.
The number of non-European firms acquiring European targets increased from 56 in H1 2025 to 67 in H1 2026, while total disclosed deal value increased significantly, rising from $15.2b in H1 2025 to $24.3b in H1 2026. The number of European firms acquiring targets from other markets remained flat at 31 in both H1 2025 and H1 2026, while total disclosed deal value increased materially from $0.5b in H1 2025 to $16.3b in H1 2026.
Sector-specific M&A activity across North America’s financial markets
- North American banking and capital markets deals rose from 123 in H1 2025 to 146 in H1 2026, while deal value declined significantly, from $62.6b in H1 2025 to $30.1b in H1 2026.
- North American insurance deals fell from 204 in H1 2025 to 187 in H1 2026, and deal value also fell, from $20.9b in H1 2025 to $12.3b in H1 2026.
- North American wealth and asset management deals rose from 177 in H1 2025 to 213 in H1 2026, while deal value declined from $8.3b in H1 2025 to $6.0b in H1 2026.
The number of non-US or Canadian firms acquiring US and Canadian targets increased from 23 in H1 2025 to 30 in H1 2026, and the total disclosed deal value rose significantly from $4.8b in H1 2025 to $15.9b in H1 2026. The number of US and Canadian firms acquiring targets from other markets remained flat at 70 in both H1 2025 and H1 2026, while total disclosed deal value increased from $12.8b in H1 2025 to $19.8b in H1 2026.
Sector-specific M&A activity across Asia and Oceania’s major financial markets
- Asian and Oceania’s banking and capital markets deals decreased from 87 in H1 2025 to 77 in H1 2026, and deal value increased from $6.4b in H1 2025 to $11.3b in H1 2026.
- Asian and Oceania’s insurance deals fell from 41 in H1 2025 to 31 in H1 2026, and deal value also declined from $5.0b in H1 2025 to $2.1b in H1 2026.
- Asian and Oceania’s wealth and asset management deals decreased from 42 in H1 2025 to 39 in H1 2026, while deal value significantly declined from $6.5b in H1 2025 to $2.4b in H1 2026.
The number of non-Asian and Oceanian firms acquiring Asian and Oceanian targets increased from 23 in H1 2025 to 28 in H1 2026, and the total disclosed deal value also increased from $1.6b in H1 2025 to $1.9b in H1 2026.
The number of Asian and Oceanian firms acquiring targets from other markets remained flat at 14 in both H1 2025 and H1 2026, while total disclosed deal value decreased significantly from $11.8b in H1 2025 to $1.1b in H1 2026.
