BFSI M&A activity triples in 2025 on surge in bank, NBFC transactions

A surge in bank and NBFC transactions lifted BFSI deal activity three times in 2025, reflecting growing investor appetite for financial services assets

The number of deals in the BFSI space rose three times in January–December 2025 compared with a year earlier, with as many as 30 deals, up from ten deals in calendar year 2024 (CY24), according to Equirus Capital. Within the BFSI sector, banks and non-banking financial companies (NBFCs) accounted for mergers and acquisitions (M&As) and strategic deals worth over Rs 40,000 crore, while other BFSI segments recorded deals worth Rs 43,014 crore.  Some of the major deals in the industry included Japan-based MUFG acquiring a 20 per cent stake in Shriram Finance for Rs 39,618 crore, Emirates NBD acquiring a 20 per cent stake in RBL Bank, and SMBC acquiring a 20 per cent stake in Yes Bank for Rs 13,480 crore, among others.