Alongside this, the total disclosed deal value also rose from £12.5bn in 2023 to £20.2bn in 2024
M&A activity in the UK’s financial services industry picked up in 2024, with a 26% year-on-year increase in the number of deals, according to data from EY.
UK banks, insurers and asset managers publicly disclosed 380 M&A deals in 2024.
This was the highest annual volume since 2012 compared to 272 deals in 2023.
Alongside this, the total disclosed deal value also rose from £12.5bn in 2023 to £20.2bn in 2024.
The number of UK wealth and asset management deals increased from 107 in 2023 to 122 in 2024, with total publicly disclosed deal value rising from £2.1bn in 2023 to £9.3bn in 2024.
The number of non-UK firms acquiring UK targets rose from 54 in 2023 to 74 in 2024, however the total disclosed value decreased from £6.7bn in 2023 to £3.9bn in 2024.
As for UK firms acquiring overseas targets, this rose from 65 deals in 2023 to 97 deals in 2024, with an overall deal value remaining the flat at £1.7bn.
Damian Hourquebie, UK financial services strategy and transactions leader at EY, said: “UK financial services M&A activity reached its highest annual volume in more than a decade in 2024, as material signs of economic recovery lifted market confidence, valuations rose, and inbound deals increased.
“While there are real signs for optimism, a sense of macroeconomic uncertainty and geopolitical tensions further abroad could create headwinds as we look to the year ahead. However, if the UK’s economic outlook continues to gradually improve as expected, we anticipate the focus on M&A activity will continue throughout 2025 as confidence grows and firms accelerate plans to transform.”Today1 week ago
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