Southeast Asia’s financial services mergers and acquisitions (M&A) activity remained steady in the first half of 2026, with 31 publicly disclosed deals, according to the latest EY analysis. Despite maintaining the same number of deals as H1 2025, the total disclosed deal value fell significantly from $1.6b to $936m.
Globally, the financial services sector saw a 3% increase in deal volume, with 1,137 deals announced compared to 1,101 in H1 2025. However, the total deal value declined from $191.3b to $134.5b, with fewer megadeals over $1b. Omar Ali, EY Global Financial Services Leader, noted that firms have adapted to uncertainty, but unpredictability and slower economic growth have impacted deal values.
In Southeast Asia, the stability in deal volume reflects a market engaged despite economic volatility. Stuart Last, EY-Parthenon Partner, highlighted that M&A activity focused on smaller and mid-sized transactions, suggesting a disciplined approach by investors. He anticipates a rise in larger transactions in the latter half of 2026 as financing conditions improve.
Sector-specific trends in Southeast Asia showed a decline in banking deal volume from 20 to 14, with deal value dropping from $1.1b to $669m. Conversely, insurance deals increased from eight to nine, although their value fell from $478m to $123m. Wealth and asset management saw a rise in both deal volume and value, indicating growing investor interest in the region’s expanding affluent population.
