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China Financial M&A Breaks Out

M&A among Chinese financials has passed U.S. deal activity for the first time.
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) -- While financial sector merger and acquisition activity has virtually ground to a halt, deal makers in China have never been so busy, according to a recent report from



The investment banking number cruncher has tallied up $36.2 billion worth of deals so far this year targeting Chinese financial companies, the highest total ever. Meanwhile, deals targeting U.S. financial companies add up to $26.2 billion, the lowest total since at least 1995--which is as far back as


's data go. It is the first time financial deals in China have outpaced those in the U.S.

Taking advantage of the trend are

Goldman Sachs

(GS) - Get Free Report


Credit Suisse

(CS) - Get Free Report

, respectively ranked first and second among advisors to Chinese financial companies being acquired, according to


's analysis.

The top Chinese financial deal so far this year was

China Mobile

(CHL) - Get Free Report

's purchase of a 20% stake in

Shanghai Pudong Development Bank

for $5.8 billion. In the U.S., it was

Bank of New York Mellon

(BK) - Get Free Report

's $2.3 billion acquisition of

PNC Financial

(PNC) - Get Free Report

's global investment servicing business, though a

three-way student loan deal



(C) - Get Free Report


Discover Financial Services

(DFS) - Get Free Report


SLM Corp.

(SLM) - Get Free Report

and the federal government would have been worth more if it were all counted as a single deal instead of three separate ones.


Written by Dan Freed in New York


Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.