Swiss M&A trends in financial services

Swiss financial services M&A: a steady, selective market

The first half of 2025 in Switzerland’s financial services sector has been characterised by a steady, albeit cautious, M&A environment. While the overall market has not yet experienced a clear rebound, there is notable interest and selective activity – particularly in insurance, wealth and asset management, and fintech. The landscape is dominated by small and mid-sized transactions, with both strategic and financial sponsors actively seeking opportunities. However, the supply of attractive targets remains limited, as many potential sellers are holding out for higher valuations or adopting a ‘wait and see’ approach. This has resulted in a persistent gap between asking prices and buyer bids, creating a competitive buyers’ market but with a relatively subdued pipeline of readily available targets.

Please find below an assessment of what is happening in the various Swiss financial services sectors in Switzerland:

The insurance sector has been especially active in the first half of 2025, with a positive outlook for the remainder of the year. The landmark USD 10 billion merger between Helvetia and Baloise stands out as one of the most significant insurance transactions in Switzerland in the past decade. Announced in April 2025, this merger will create Helvetia Baloise Holding Ltd, the country’s second-largest insurance group and a major European player, employing over 22,000 people. This rare example of large-scale consolidation is expected to deliver substantial synergies and strengthen the group’s distribution capabilities.

Other Swiss insurers have also been active. Zurich Insurance Group announced in July 2025 the acquisition of Canadian cyber-insurtech BOXX Insurance Inc., enhancing Zurich’s global SME cyber offering and signalling a continued appetite for digital capabilities. Swiss Re has progressed in selling iptiQ’s European P&C business to Allianz Direct and its Australian business to Hannover Re, reflecting a strategic retreat from sub-scale digital platforms. Swiss Life has expanded its investment business by acquiring ZWEI Wealth, a Swiss asset management consulting firm.

Brokerage consolidation is accelerating, driven by foreign acquirers such as the UK’s Ardonagh Group and Germany’s GGW Group, both of which strengthened their Swiss presence through acquisitions in the first half of 2025.

Transaction Overview (YTD announced deals to highlight) 

Swiss private banks delivered solid performance in H1 2025 despite macroeconomic and geopolitical uncertainties. Most reported strong net new money inflows and positive market performance, though these were offset by the negative development of the USD versus CHF. Decreasing interest rates reduced net interest income, but higher commission results compensated at most banks. Operating costs rose slightly, leading to marginally lower operational results compared to the previous year.

Uncertainty in early 2025 weighed on M&A activity in Swiss private banking, resulting in only a handful of transactions, such as the sale of Banque Thaler SA to Crédit Agricole and the acquisition of Kaleido Privatbank AG by Banque Richelieu France SA.

In the asset management and external asset manager (EAM) space, consolidation continues with a regular flow of smaller deals. New entrants, often spin-offs from larger EAMs or bank teams, are operating with lean structures. Nine EAM transactions were publicly disclosed in H1 2025, with discussions focused on rising regulatory costs, complexity and succession planning. Private equity interest remains strong and is likely to accelerate consolidation. Notable deals include SSI Group’s acquisition of Monaval Asset Management and the merger of Wenzinger Finanz AG with Tschan & Partner. PwC’s proprietary platform for EAMs in Switzerland continues to facilitate M&A opportunities and strategic partnerships.

The Swiss banking sector is navigating a shifting landscape. After robust profitability in 2024, moderating interest rates in 2025 have softened profit margins, especially as funding costs remain high and competition for deposits intensifies. Despite these headwinds, banks are prioritising digital transformation and operational efficiency. 

M&A activity in Q1 2025 was limited, with only select, targeted acquisitions announced. Key players are investing in technology and expanding service offerings to differentiate themselves in a crowded market. 

As of the end of Q1 2025, no major new transactions have been announced but the market is watching for further strategic moves, particularly in technology and infrastructure.

Transaction Overview (YTD announced deals to highlight)