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The financial services M&A landscape is entering 2026 with renewed momentum, driven by the need for scale, cost efficiency and tech-enabled transformation. Banks, asset managers and insurers are using M&A to reshape their business models, strengthen capital efficiency and respond to intensifying competition—including from the rapidly growing private credit sector. At the same time, stabilising interest rates and shifting capital requirements in key markets are supporting larger, more strategic transactions. And what does this mean for Switzerland? Find out more in this blog post.
By Marc Huber, Partner, Deals Financial Services, PwC Switzerland
In 2025, global financial services deal values rose by 25%, while transaction volumes increased by just 4%, reinforcing the shift towards fewer but larger deals. High-value dealmaking gained clear momentum, with a growing number of large transactions and megadeals (transactions above $5bn), and we expect this trend to carry over into 2026.
Across banking, insurance and asset and wealth management, M&A continues to be driven by the need for greater scale, improved cost efficiency and stronger earnings, as firms respond to intensifying competition, driven in part by the rapid growth of private credit. These pressures are supporting domestic consolidation, selective cross-border expansion, technology-led transformation and capability-focused acquisitions. In some markets, easing banking capital requirements, such as in the US and the UK, may further support deal activity.
The divergence between rising deal values and more modest volume growth reflects ongoing uncertainty around economic growth, interest rate trends, asset quality in loan portfolios and geopolitical developments, including new tariff regimes. Even so, dealmakers are increasingly adapting to this environment, using M&A as a strategic lever to reshape portfolios and position for future growth.
Looking ahead to 2026, M&A activity across financial services is expected to be shaped by several structural trends. Banks are continuing to consolidate mainly within domestic and regional markets, sharpening their focus on core businesses while exploring partnerships with private credit and selective acquisitions in insurance and asset management. Insurers are streamlining portfolios, exiting lower-return lines and doubling down on pensions and digital business models, with further separation of investment management from risk carriers. Asset and wealth managers are seeing increased consolidation among mid-sized players seeking greater efficiency, broader distribution and better access to private markets.
Spotlight on private credit and M&A
The rapid growth of private credit is reshaping financial services and increasingly influencing M&A across banking, insurance and asset and wealth management. What started as an alternative to bank lending has evolved into a global asset class managing around $2 trillion in assets, representing a structural shift in how credit is originated, funded and distributed—with important implications for deal strategy and transaction structures.
Private credit is now affecting M&A in four key ways. First, it is becoming a core source of deal financing, with direct lenders playing a growing role in funding mid-market and large-cap transactions through flexible and bespoke structures. Second, credit managers themselves are becoming acquisition targets, as asset managers and private capital firms seek to strengthen origination and build multi-asset platforms, as illustrated by Franklin Templeton’s acquisition of Apera Asset Management and Brookfield’s proposed purchase of the remaining stake in Oaktree.
Third, insurers are building or acquiring private credit capabilities to deploy balance sheet capital more directly and raise third-party funds, with examples including Manulife Investment Management’s acquisition of CQS and Generali Investments’ acquisition of a majority stake in MGG Investment Group via Conning & Company. Fourth, partnerships between banks and private credit funds are becoming more common, combining banks’ client reach with the speed and structuring flexibility of private markets, as seen in the partnerships between Citigroup and Carlyle, and UBS and General Atlantic.
Overall, private credit is accelerating convergence across financial services. For banks, insurers and asset managers, this creates both competitive pressure and new growth opportunities, making strategic positioning, partnerships and targeted M&A increasingly critical to capture value in a rapidly evolving ecosystem.
M&A volumes and values in 2025
Global financial services M&A activity strengthened in 2025, with deal values rising by 25% and volumes increasing by 4%, driven mainly by a rebound in megadeals. The number of transactions above $5bn rose from 14 to 21. Of these, 13 occurred in banking and capital markets, while asset and wealth management and insurance each accounted for four transactions.
From a regional perspective, EMEA saw the most pronounced increase in deal values, up 86% year-on-year, driven by several large-scale banking and insurance transactions across Europe. In the Americas, deal values grew by 9%, supported by strong activity in banking and payments, which led to a 50% rise in banking and capital markets deal values. By contrast, insurance deal value fell by 27%, mainly reflecting a lower number of large insurance transactions. In Asia Pacific, deal values increased by 12%, as megadeal activity picked up, with the number of transactions above $5bn rising from two in 2024 to five in 2025.
Looking at volumes, the Americas recorded the strongest growth, up 7%, followed by EMEA at 5%, while deal volumes in Asia Pacific were broadly unchanged over the year.
Global M&A trends in financial services by subsector
Below we outline the key trends we expect to drive M&A activity across banking and capital markets, the insurance sector, and asset and wealth management in 2026.
What are the M&A trends in the Swiss financial services industry?
In 2025, M&A activity in the Swiss financial services industry has continued to recover, albeit still unevenly. Deal volumes remain below their peaks, but momentum has improved compared to the previous year, supported by easing financing conditions and renewed strategic clarity among market participants. Activity continues to be dominated by small- to mid-sized transactions, with a focus on selective, value-driven acquisitions rather than large transformational deals.
Market dynamics continue to largely favour buyers. Strategic investors and financial sponsors are actively screening opportunities across the sector, while valuation expectations remain a key point of friction. The pool of high-quality, ready-to-sell targets remains limited, as many potential sellers maintain a cautious stance or delay transactions in anticipation of improved pricing. As a result, successful deals are increasingly driven by proactive sourcing, early engagement, and a clear equity story rather than competitive auction processes. Buyers willing to move decisively and engage constructively with hesitant sellers are best positioned to capture opportunities in the current environment.
Insurance: landmark transactions, strategic exits and capability additions
The successful completion of the landmark transaction and so-called merger of equals between Helvetia and Baloise in December 2025 has now paved the way to start integration efforts, with the combined group focused on realising the substantial CHF 350m run-rate synergies identified at announcement. The newly formed group is now the second-largest insurer in Switzerland and a major European player.
Zurich Insurance Group dominated headlines in January 2026 with its takeover bid for Beazley, a rare public market move that underlines the strategic value of Lloyd’s access and differentiated underwriting. One of the most significant and closely watched transactions this year concluded positively, with key financial terms agreed in principle on 4 February 2026, valuing Beazley at around GBP 8bn and representing close to a c.60% premium for Beazley shareholders. The proposed deal signals an appetite among leading insurers for specialist underwriting capabilities and marks a rare example of an unsolicited approach in the sector.
Swiss Re continues its strategic exit from the iptiQ business, first announced in May 2024. The divestiture of the digital insurance platform has progressed through a sequenced approach, with the first sale of the iptiQ EMEA P&C business to Allianz Direct completed in July 2025, transferring over 130,000 customers and more than 100 employees across multiple European markets. In parallel, iptiQ’s Australian direct life portfolio was sold to Hannover Re, marking the exit from the APAC region. Market insight suggests that a sale of the iptiQ Life & Health business in the US is reportedly close to signing, further solidifying the strategic global exit.
Beyond obtaining scale in key markets or specific lines of business, execution in 2026 is likely to be shaped by cost leadership and accelerating digitalisation and AI-enabled operating model change across distribution, underwriting, claims, and back-office functions, as carriers prioritise synergy delivery and productivity gains in a mature market.
Broker consolidation remains structurally active across Europe, as private equity-backed platforms pursue scale and cross-border expansion. Ardonagh’s acquisitions of SRB Assekuranz Broker AG in Switzerland in April 2025 and Global Gruppe’s acquisition of Swiss Quality Broker AG in September 2025 reflect this pattern of distribution-led roll-ups in Switzerland.
| Acquirer | Acquirer geography
|
Target | Target geography | Announcement date |
Zurich Insurance Group |
Switzerland |
Beazley |
United Kingdom (global operations) |
4 Feb. 2026 |
Asset and wealth management: low M&A activity, succession-led consolidation
Despite elevated global market volatility in 2025, Swiss private banks are expected to deliver financial results broadly in line with, or slightly below, 2024 levels. Lower net interest income and a higher cost base are likely to weigh on profitability, with growth in commission income insufficient to fully offset these pressures. AuM levels generally increased in FY25, particularly for banks with exposure to growth regions such as the Middle East and Asia.
Looking ahead to 2026, ongoing global uncertainties are expected to continue driving offshore clients towards perceived safe havens, a dynamic that disproportionately benefits larger Swiss private banks with diversified international footprints.
M&A activity remained low in 2025, with only a few recent transactions, including LLB’s UAE client-book divestment to Rothschild & Co Bank AG through a referral deal, EFG’s acquisition of Quilvest (Switzerland), and Intesa Sanpaolo’s full acquisition of REYL Intesa Sanpaolo.
In the fragmented and heterogeneous pure‑play independent wealth management sector, succession planning is expected to be the key driver of mid‑ to long‑term M&A activity, with momentum likely to increase. Additionally, we observe both local and international PE and PE-backed investors showing increasingly strong interest in a roll‑up strategy across the DACH region. Most transactions remain undisclosed and are conducted bilaterally.
Acquirer |
Acquirer geography
|
Target |
Target geography |
Announcement date |
EFG International AG |
Switzerland |
Quilvest (Switzerland) Ltd |
Switzerland |
Jan. 2026 |
Fideuram - Intesa Sanpaolo Private Banking |
Europe |
REYL Intesa Sanpaolo |
Switzerland |
Jan. 2026 (Acquisition of remaining 24% stake) |
Creative Planning |
USA |
Baseline Wealth Management |
Switzerland |
Jan. 2026 |
Tareno AG |
Switzerland |
Kieger funds “Sustainable Healthcare” and “Impact Healthcare” |
Switzerland |
Jan. 2026 |
MBO supported by Almha Capital |
Switzerland / UAE |
Octogone Gestion |
Switzerland
|
Jan. 2026 |
BG Valeur (part of Banca Generali Group) |
Switzerland |
Aequitum
|
Switzerland |
Dec. 2025 |
Cinerius Financial Partners AG
|
Switzerland |
FRS Financial Services GmbH
|
Austria |
Dec. 2025 |
Rothschild & Co Bank AG |
Switzerland |
LLB Middle East Wealth Management Portfolio |
Middle East |
Sept. 2025 (Referral deal structure) |
Banking and capital markets: muted M&A, continued digital focus
The Swiss banking sector continued to adjust to a lower-rate environment in H2 2025. While profitability remained resilient, margin pressure persisted as competition for deposits stayed elevated and cost discipline became increasingly important. Banks maintained a strong focus on digital transformation, automation, and platform modernisation to enhance efficiency and client experience.
M&A remained subdued, centred on bolt‑on acquisitions and selective portfolio realignments rather than scale transactions. Players focused on technology capabilities, payments, and wealth‑adjacent services to strengthen operating platforms and differentiate offerings in a crowded market.
By the close of H2 2025, no large, market‑defining deals had been announced. The market’s attention turned to 2026 pipelines, where strategic moves are expected to cluster around infrastructure partnerships, tech enablement, and potential divestitures aimed at sharpening capital allocation and simplifying operating models.
Acquirer |
Acquirer geography
|
Target |
Target geography |
Announcement date |
Zurich Kantonalbank |
Switzerland |
Cosmofunding |
Switzerland |
Oct. 2025 |
Fintech: positive M&A momentum
Swiss fintech equity funding in 2025 remained broadly in line with 2024 levels, supported by robust funding activity in the first half of the year. Investor demand was driven by ongoing digitalisation in financial services, growing interest in AI-driven solutions, and Switzerland’s business-friendly ecosystem. Consequently, funding was particularly strong in related sectors such as digital assets, AI, and blockchain.
M&A momentum in the Swiss fintech sector strengthened, with 2025 recording the highest number of acquisitions since 2022. Notably, Swissquote’s acquisition of PostFinance’s 50% stake in the Yuh joint venture stood out as one of the largest Swiss fintech transactions in recent years.
Looking ahead to 2026, the outlook remains positive. Strategic and financial investors continue to demonstrate strong interest, company formation is at record levels, and several fintechs are preparing for new funding rounds and further M&A activity.
Top 10 Swiss fintech M&A and equity deals in 2025:
Fintech |
Industry |
City |
Date |
Investment stage |
Amount (USDm) |
Yuh |
Online Banking |
Gland |
Jun25 |
Acquired* |
113 |
Sygnum |
Digital Asset Banking |
Zurich |
Jan25 |
Series D |
58 |
Sparta |
Trading |
Geneva |
Feb25 |
Series B |
42 |
M0 |
Blockchain |
Zug |
Aug25 |
Series B |
40 |
Future |
Blockchain |
Sarnen |
Nov25 |
Series A |
35 |
Unique |
AI |
Zurich |
Feb25 |
Series A |
30 |
nsave |
Payments |
Geneva/London |
Jan25 |
Series A |
18 |
amnis |
Payments |
Zurich |
Feb25 |
Series B |
11 |
Modulos |
AI |
Zurich |
July25 |
Seed |
11 |
Colb |
Digital Assets |
Geneva |
May25 |
Seed |
7 |
Source: CBInsights
*Swissquote acquired PostFinance's 50% share in their joint venture, Yuh. The transaction was published on 3 July 2025.
“Swiss M&A momentum is building: measured, selective, and grounded in execution."
Marc Huber,Partner, Deals Financial Services, PwC SwitzerlandExplore our industry insights on global M&A in 2026.
Gain a deeper understanding of the forces reshaping dealmaking—from AI-driven transformation and megadeals to a more polarised M&A market—and what they mean for strategy, value creation and execution.
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