European Banking: M&A after the Crisis

Patrick Beitel Partner, McKinsey & Company Frankfurt.
Joao Castello Branco Senior Partner, McKinsey & Company Madrid.
Pedro Carvalho Partner, McKinsey & Company Lisbon.
Ramandeep Chawla Banking Expert, McKinsey & Company Delhi.


European bank CEOs are beginning to focus more closely on merger and acquisition opportunities. Deleveraging, regulatory pressure for reform and the need for banks to operate more profitably mean that a wide array of financial sector assets will be sold in the next few years. Up until mid-2013, financial sector asset sales have proceeded slowly. However, several factors will help underpin M&A activity in European banking sector assets for some time to come.

The article offers a multidimensional view of European bank M&A. It provides historic background and considers the factors bringing European bank assets to the market. Thisleads to a thematic analysis of M&A value creation and a review of acquirers expected to feature in the next M&A wave.


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