M&A: 2023 ranking of investment banks in France
In France, the downturn in M&A (mergers and acquisitions) has shaken up the investment bank rankings, particularly in view of the 29% decline in the French M&A market in the first half of the year. In this new distribution of cards, BNP Paribas, JP Morgan, and Lazard find themselves at the top of the French investment bank rankings.
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French M&A market down 29% in 1st half
The decline in M&A market growth in the first half of 2023 is undeniable. After a record year in 2021, with $300 billion worth of transactions (the highest level since 2006), the French M&A market experienced a difficult 2022. Between rising interest rates, the energy price shock, and the stock market downturn between the end of 2022 and the first half of the year, many executives adopted a wait-and-see attitude. Added to this is the rise in salaries due to the inflationary context of the last two years.
According to Refinitiv, M&A transactions totalled $67.2 billion in the first half of the year, down 29% on the same period last year.
Refinitv, entreprise du LSEG (London Stock Exchange Group), est l'un des plus grands fournisseurs de données et d'infrastructures sur les marchés financiers au monde.
Top investment banks in France in H1 2023
In this new Refinitiv ranking, BNP Paribas (+1), J.P. Morgan (+9) and Lazard (+2) make up the podium, with several boutiques making their mark. Just behind, Goldman Sachs is in 4th place (-3) and loses its position as leader among investment banks in 2022, while Rothschild & Co closes the top 5. For its part, boutique Centerview Partners sprang a surprise, ranking 6th (+12) ahead of Citi.
Finally, the downturn in this sector is having a particularly adverse effect on small boutiques that have grown too fast, especially those that are solely involved in M&A consulting.
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BNP Paribas takes the lead in M&A in France
According to the latest statistics published by Refinitiv, the Banque de la rue d'Antin has overtaken Goldman Sachs at the top of the M&A market over the 1st half of the year. J.P Morgan and Lazard are not in the Top 3.
BNP Paribas' rise to the top is due to CMA CGM's $5 billion acquisition of Bolloré, which the bank advised on in April 2023, and Teleperformance's $3 billion takeover of Majorel to accelerate its digital transformation.
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