Analysis of the key themes driving M&A activity reveals that digital payments accounted for 26 financial services deals announced in Q3 2023, worth a total value of $4bn. The $2.5bn merger of IDFC and IDFC First Bank and U.S. Bancorp was the industry’s largest disclosed deal. GlobalData’s Banking and Payments Industry Mergers and Acquisitions Deals by Top Themes report for Q3 2023 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, digital payments-related deal activity decreased by 22% in Q3 2023 compared with the previous quarter’s total of $5.1bn and rose by 676% as compared to Q3 2022. Related deal volume increased by 13% in Q3 2023 versus the previous quarter and was 8% higher than in Q3 2022.

The top-ranked financial advisors supporting these M&A deals in Q3 2023 were Barclays; JPMorgan Chase & Co; Cavendish Financial with 4, 2, 1 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q3 2023 were Allen & Overy; Alston & Bird; AZB & Partners with 3, 2, 1 deals respectively.

For further understanding of GlobalData's Banking and Payments Industry M&A Deals by Top Themes in Q3 2023 – Thematic Intelligence, buy the report here.

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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.