Dutch M&A Trends in the Financial Services sector

Dutch banks are investing heavily in technology to enhance the customer experience and operational efficiency, while forming strategic alliances with fintechs to remain competitive. European bank consolidation remains slow despite support from the European Central Bank (ECB). However, ABN AMRO has made successful acquisitions in the past year, including Bux, and consolidated its German asset management operations with the takeover of Hauck Aufhäuser Lampe.  

The insurance brokerage market is seeing increased consolidation by strategic and private equity investors, leading to larger players with accessible online platforms and diversified insurance products. The life insurance market is also consolidating, spurred by more efficient management of run-off life portfolios—as exemplified by Achmea Life’s recent joint venture with Lifetree.  

Banks are expanding their asset management arms to strengthen distribution capabilities. Private equity (PE) is similarly eyeing consolidation among smaller Dutch asset managers, mirroring trends in other European markets (e.g. Blackfin’s acquisition of IBS Capital). 

In 2024, FS deal volume dropped by 20% year on year (versus a 13% global decline), although the second half of the year saw a recovery in deal value thanks to major Dutch transactions, such as Apollo’s €1.4 billion takeover of Beequip and Achmea Life’s €3.5 billion Lifetree joint venture.

Dutch CEOs in the Financial Services (FS) sector are navigating a complex landscape of macroeconomic volatility, inflation and cyber risks. These challenges are prompting them to rethink business models, adjust long-term strategies and accelerate digital transformation.  

PwC’s 28th CEO Survey confirms this trend: insurers rank cyber threats as their top concern (above the global average), while asset managers cite macroeconomic instability and inflation—a worry shared by banks and capital markets. This is further prioritising digital transformation, fuelling M&A activity. Across subsectors, (Gen)AI adoption is accelerating to drive efficiency and profitability.

In 2025, M&A is expected to be propelled by platform-building and further consolidation. European banks will continue to explore uncertainly timed mergers, while domestic bank-insurer tie-ups will remain rare. Foreign investors are driving consolidation in Dutch insurance intermediation and asset managers are partnering to enter new markets and grow client bases.  

PE firms will target insurance brokers, insurers and asset managers—leveraging insurers’ asset management capabilities and creating value through consolidation. Tech-driven transformation will also spur M&A, with further platform formation as new technologies enhance efficiency and customer engagement.