【德安华】2024年秋季全球金融机构行业并购交易报告_20页_2mb

报告摘要

North America was the most active region for financial institution transactions, with over 1,400 deals observed in the last 12 months (LTM).
The global financial institutions market is projected to grow from USD 25.5 trillion in 2022 to USD 58.7 trillion by 2031, at a CAGR of 9.7%.
APAC recorded the highest average price-to-book (P/B) multiples, reaching 2.9x, while Europe and North America had 2.3x and 1.3x respectively.
The deal value recorded year-to-date (YTD) in 2024 increased by 24% compared to the same period last year.
M&A remains a key strategy for financial institutions due to the challenges of organic growth in the current macroeconomic environment.
The M&A market is expected to increase in deal flow as borrowing costs decrease and more interest rate cuts are anticipated.

Central banks are beginning to lower fund rates, with Japan tightening its monetary policy.
U.S. financial firms have struggled to match the performance of the S&P 500, which was boosted by rate cut optimism.
European financial firms have outperformed the broader market, showing resilience despite macroeconomic uncertainty.
Volatility is expected in the U.S. financial markets ahead of the November election.

North America led in deal count, with 1,461 transactions in the LTM.
APAC had the highest P/B multiples, driven by a few high-profile acquisitions.
Europe showed a mix of performance, with some quarters experiencing higher multiples than others.

Banking and capital markets remain dominant in M&A activity.
Insurance is focusing on digital transformation to enhance growth and efficiency.
Fintech is seeing strategic consolidations and technology integration, particularly in AI.
Asset and wealth management firms are exploring new asset classes and strategic partnerships to expand their market share.

Top financial investors include Sequoia, Antler, BainCapital, KKR, and TA.
Strategic investors such as Inszone Services, Hub, Gallagher, and BrokerLink are also active in the market.

The financial services M&A market is expected to become a tech-enabled ecosystem.
Consolidation among mega banks and fintech companies is anticipated in the coming years.
Interest rate cuts are expected to continue, providing favorable conditions for M&A activity.
Intelligent safety systems, AI, and new product launches are expected to drive future growth.

Notable deals include Capital One's acquisition of Discover Financial (€32.7 bn), CDR & Stone Capital's acquisition of Trust Insurance (€11.6 bn), and Aon's acquisition of NFP Corp. (€11.5 bn).

Banks show varying P/B and EV/Revenue multiples.
Financial services and insurance subsectors are also analyzed for their valuation trends, with EV/EBITDA and P/E multiples highlighted.

Jonathan Jacobs (New York): +1 212 871 8013, jonathan jacobs@kroll.com
Rebecca Nelson (Chicago): +13126974731, rebecca.nelson@kroll.com
Alexander Kessler (Frankfurt): +49 151 7060 9210, alexander.kessler@kroll.com
David Liu (Hong Kong): +852 2884 7707, david.liu@kroll.com
Joanna Bartecki (Frankfurt): +4969247526732, joanna.bartecki@kroll.com
Jan Hortebusch (Frankfurt): +49 151 2351 3230, jan.hortebusch@kroll.com
David Blowers (Chicago): +13126974996, david.blowers@kroll.com
Michael H. Dolan (New York): +12128715995, michael.dolan@kroll.com
Andreas Stoecklin (Frankfurt): +49697191840, andreas.stoecklin@kroll.com

Kroll is a leading independent provider of risk and financial advisory solutions.
The firm offers a range of services including M&A advisory, capital raising, and secondary market advisory.
Services are provided by different entities in various regions, such as Kroll Securities, LLC in the U.S. and Kroll Securities Ltd. in the U.K.
Kroll does not guarantee the accuracy or reliability of data from third-party sources.

This report is for informational purposes only.
It is not intended to be relied upon as professional advice.
Kroll does not guarantee the accuracy of any data provided from third-party resources.

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