In the global financial services industry, there were 492 M&A deals announced in Q1 2024, worth a total value of $63.2bn, according to GlobalData’s Deals Database. The $35.3bn minority acquisition of Discover Financial Services by Capital One Financial was the industry’s largest disclosed deal. GlobalData’s Banking and Payments Industry Mergers and Acquisitions Deals by Top Themes report for Q1 2024 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 15% in Q1 2024 compared with the previous quarter’s total of $55bn and rose by 219% as compared to Q1 2023. Related deal volume decreased by 14% in Q1 2024 versus the previous quarter and was 18% lower than in Q1 2023.

Notably, foreign direct investments (fdi)-related deals accounted for a 25% share of the global financial services industry’s M&A activity in Q1 2024, up 20% over the previous quarter.

The top-ranked financial advisors supporting these M&A deals in Q1 2024 were Stifel Financial; Piper Sandler Companies; Rothschild & Co with 5, 4, 4 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q1 2024 were Kirkland & Ellis; Alston & Bird; Allen & Overy with 8, 6, 4 deals respectively.

For further understanding of GlobalData's Banking and Payments Industry M&A Deals by Top Themes in Q1 2024 – Thematic Intelligence, buy the report here.

This content was updated on 23 April 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.