Analysis of the key themes driving M&A activity reveals that digital banking accounted for 8 financial services deals announced in Q2 2023, worth a total value of $530.1m. The $524m minority acquisition of AIB Group by Department Of Finance And Personnel was the industry’s largest disclosed deal. GlobalData’s Digital Banking Trend Analysis report provides an overview of the current state of play among digital-only banks across the world. It analyses the business models of 11 digital-only providers based on their successes, failures, strengths, weaknesses, and future prospects. Buy the report here.

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In value terms, digital banking-related deal activity decreased by 79% in Q2 2023 compared with the previous quarter’s total of $2.5bn and fell by 99% as compared to Q2 2022. Related deal volume decreased by 20% in Q2 2023 versus the previous quarter and was 20% lower than in Q2 2022.

The top-ranked financial advisors supporting these M&A deals in Q2 2023 were Bank of America; BNP Paribas; Joseph Gunnar with 1, 1, 1 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q2 2023 were Kline Law Group; Lucosky Brookman; Luse Gorman, PC with 1, 1, 1 deals respectively.

For further understanding of GlobalData's Digital Banking Trend Analysis buy the report here.

This content was updated on 18 July 2023

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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.