I am interning in FIG this summer.
I'm reading reports from Oliver Wyman, Bain and Morgan Stanley who published the narrative that "Bank M&A is back".
https://www.bain.com/insights/m-and-a-is-back-in-us-banking/
I'm not one to believe the narratives that they sell, but I want to ask from people with their feet on the ground how the FIG deal flow is going at the moment, ahead of my summer internship.
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Based on the most helpful WSO content, FIG deal flow in the Americas and EMEA has shown some interesting trends in recent years. Here's what you need to know:
Americas: FIG deal flow in the U.S. has been relatively subdued in certain periods, as noted in past discussions. However, there are signs of activity picking up, particularly in areas like fintech and divestitures by large banks focusing on core businesses. Smaller banks are also being acquired as part of buy-and-build strategies by private equity firms or larger banks seeking scale in challenging market conditions.
EMEA: FIG deal flow in Europe has been described as strong, with significant consolidation activity. Private equity firms are driving much of this volume, especially through closed-book consolidator vehicles targeting life and pension books. Additionally, divestitures and acquisitions of smaller banks are prevalent as institutions adapt to market pressures.
Sector-Specific Insights: FIG teams often cover a broad range of sub-sectors, including banks, insurance, and fintech. This diversity provides exposure to various deal types, from traditional EBITDA-driven transactions to more specialized financial services deals.
While reports from firms like Bain and Morgan Stanley suggest optimism about a resurgence in bank M&A, it's always wise to temper expectations with on-the-ground realities. FIG deal flow can be cyclical and influenced by macroeconomic factors, regulatory changes, and market sentiment. As you prepare for your internship, staying informed about specific deals and trends in your region will be crucial.
Sources: What Field Are You And in What Broad Region?, Incoming SA in a BB FIG group (MS/GS/JPM), but long-term goals are PE. How should I approach the summer?, 2019 Deal Flow - Group Sentiment, What Field Are You And in What Broad Region?, How is the lifestyle in FIG?
bump
Would love to hear from people about key BANK M&A groups - from what I’m aware most FIG groups mentioned countlessly on this forum mostly work in Insurance / AM / WM
bump
banking m&a is probably the hottest sector as of now in Europe
How long would you forecast this to continue to be the case?
There's been a wave of consolidatory efforts across the EU with numerous Bank M&A talk and activity as governments begin to sell-down their stakes they brought after the GFC. HOWEVER, there is also greater government interference now as well - Portugal (Novobanco), Spain (BBVA-Sabadell), Italy (BPM-UniCredit, BMPS-Mediobanca) and the Commerzbank-UniCredit merger was heavily opposed by the Scholz government and now Merz. On the opposite, there was some mid-upper market consolidation in the UK with the clearing houses (Barclays, NatWest) purchasing commercial/retail banking portfolios from Tesco/Sainsburys. Draghi's report called for a European Banking & Capital Markets union, this has been spoken of for decades but not materialised. I think post-GFC, governments a) probably don't fully understand the regulatory impact of capital requirements (particuarly ring-fencing in the UK) and b) have the ghost of the GFC in the back of their minds. The EU want to talk a lot of reinvigorating the continent as a banking powerhouse, yet the minute an opportunity arises (ie UniCredit-Commerzbank), it is met with political gridlock. As government's intervene more often with M&A, a lot of prior ECM candidates were launching dual-track M&A/IPO processes, if there's more government intervention and markets stabilise, you could see more floatations of some EU banks followed by digital/neobanks (ie Revolut, Monzo etc).
that and defence. Well-capitalised banks and F-35s baby. boom
nothing really in bank M&A
lot of activity in insurance (services + balance sheet)
specfin / leasing decently busy
lot of activity in AWM
then who handles the transactions mentioned in the article?
Bump
Has anything changed since May?
Have updated on insurance sector above
Bank M&A still hot
In the UK, possibly Shawbrook may list which will be the first significant bank IPO in both the UK and Europe for a long long time. Most of the big continental banks are consolidating cross border and looking into developing Europe (ie CEE, South Eastern Europe and even some of the Baltic countries) where the market is less consolidated than the likes of a France or Poland where M&A opportunities are limited. Some interesting neobanks / fintechs coming out of the Nordics too, NOBA priced lately and did very well (up 27% on day 1 i think). The digital banks like Revolut, Monzo etc are still 2-3 years away, but Starling and Revolut have/are exercising secondary share sell-downs which are giving crazy valuations - and basically a sign that they intend to float at some point. Where they list, however is the million dollar question because although they are either based or have significant business in the UK, there is no compelling reason to list in London rn
Matt Monks at Bloomberg recently did a write up on bank M&A
https://www.bloomberg.com/news/newsletters/2025-10-06/fifth-third-s-comerica-deal-may-signal-bank-merger-days-are-here-again
Yes bank M&A is heating up. This of course depends on what shop you’re in (very relationship based deal flow) but with 5/3 & Comerica deal, big deals are going to happen more often. Middle market is heating up too (mostly due to interest rates and CECL double count changing)
Sorry if irrelevant but what are your thoughts on FT Partners in the UK? Good shop for FIG generally? Understand it’s strong in the US but unsure for EMEA region. Thanks.
Zero clue but safe bet they’re probably pretty strong
FinTech- Séries Round and right offering
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