金融服务：行业报告

Table of Contents Market Observations ................................................................................. 3Transaction Highlights .............................................................................. 10Public Companies .....................................................................................13 Market Observations Market Summary Financial Services Market The global financial services market is estimated at $38.58 trillion in 2026, growing at a 6.8% CAGR and is forecasted to reach $51.11 trillion by 2030. Key growthdrivers include digital banking expansion, cross-border payment infrastructure, and rising institutional investment participation across North America, Europe,and Asia-Pacific. Q1 2026 was active across all subsectors. The Federal Reserve maintained rates within the 3.50% to 3.75% range, keeping credit conditionsbroadly stable. The Dow Jones fell approximately 6% through late March, while private market confidence in AI and fintech remained firm. In banking and trusts,loan growth stayed sluggish and credit card net charge-offs rose roughly to 3.4%, reflecting post-pandemic credit normalization. European banks sustaineddouble-digit returns on equity, supported by fee income as net interest margins compressed. Insurance performed well in a favorableloss environment, with Public Company Valuations The CFA Select Financial Services Index decreased by 11.2% in the first quarter of 2026, and the 12-month return on the Indexincreased by 3.9%. The Banks & Trusts Index saw the highest 12-month return of 35.2%. All sector indices posted negative 3-monthreturns, but Insurance & Insurance Services Index saw the least decline among peers at 7.4%. The Fintech Index saw the highestdecline in the 3-month & 12-month return at 24.3% & 49.5%. The Commercial & Commercial Finance Index saw the highest of The financialservices decreased Mergers and Acquisitions Q1 2026 marked the most active quarter for financial services M&A in nearly seven years, as regulatory clarity and rising technology costs drove a significantwave of deal activity. Bank deal value reached $14.94 billion by early February, tracking for the highest quarterly total since 2019, as per S&P Global. BancoSantander announced a $12.18 billion acquisition of Webster Financial Corp., the largest U.S. bank deal since 2021. Fifth Third Bancorp's $10.9 billion mergerwith Comerica and Huntington Bancshares' acquisition of Cadence Bank accelerated regional consolidation. Capital One's $5.15 billion acquisition of Brex, was Industry Trends Banks Ramp Up Fintech Purchases Amid Valuation Reset Large-scale banking entities are now purchasing fintech companies at significant discounts relative to their peak venture-backed valuations from 2021-2022, with currenttrading of mature fintechs at pricing 40-60% below their 2022 peaks. Capital One's $5.15 billion acquisition of Brex in January 2026, compared to Brex's 2022 valuation of$12.3 billion, is one such case in point. In January 2026, JPMorgan Chase bought WealthOS to enhance its digital-led wealth vertical. The trend is part of a more generaldirection shift within the industry, moving from partner-based approaches toward ownership of platforms that deliver fintech capabilities and operating models. Banks Insurance Market Shifts from Hard to Soft Cycle,Reshaping Underwriting Strategy After being in a hard market for multiple years, the global insurance market looked qualitatively soft in Q1 2026.Total capital in the global reinsurance market surpassed $700 billion, benefiting from two years of outstandingprofitability for reinsurers and robust capital density into both traditional and alternative markets. Property a trajectory from a narrow market to becoming a key front in P&C with evolving risks from ransomware, deepfake-enabled fraud, and supply chain disruptions. Softeningproperty rates and deteriorating margins are anticipated to drive further insurance M&A activity as competitors with strong balance sheets capitalize on struggling Consumer Credit Stress Intensifies as BNPL Faces Heightened Regulatory Scrutiny Consumer credit balances continued to grow in Q1 2026 as U.S. credit card balances expanded to reach $1.23 trillion. The global BNPL market grew to an estimated $342billion in gross merchandise value in 2025 and is projected to reach roughly $492 billion in 2026, according to The Business Research Company. U.S. BNPL usersexpanded to approximately 91.5 million in 2025, a 6-7% annual increase. Although the CFPB’s TILA interpretive rule for BNPL was withdrawn, the Congressional ResearchService noted ongoing policy concerns around consumer debt, credit score usage, and data visibility. Seven state Attorneys General called for increased transparency Significant News ABA survey: Most community banks see growth opportunities in 2026ABA, March 18, 2026 “To drive growth in 2026, nearly three in four community banks are exploring expansion within their current