Three banks competed for the top spot in French mergers and acquisitions (M&A) last year. Two were homegrown.
Whereas the German M&A advice market is now dominated by U.S. investment banks, the French market remains the province of national champions: Rothschild and Lazard held their leading positions in 2019, with respective market shares of 15% and 12%.
Goldman Sachs, is however, becoming stronger in the French market: it ranked third for revenues earned from M&A advice in France in 2019, compared to sixth a year before.
SocGen ranked outside the top 10 for French M&A advice in 2019. BNP Paribas ranked fourth. Credit Agricole rose from 13th place in 2018 to 7th place last year.
U.S. banks sought to strengthen their teams in Paris last year. Bank of America, for example hired Gilles Tre-hardy from Lazard in telecoms M&A and JPMorgan began running EMEA tech banking out of Paris under Xavier Bendel. Citi appointed new heads of French investment banking (who were there already) in April 2019.
Lazard, needless to say, lost star French banker Matthieu Pigasse in October 2019. It remains to be seen whether it will retain its French banking in the year to come.
Top banks in French M&A
- Rothschild, market share 15%. (Ranking in 2018: 1)
- Lazard, market share 12%. (Ranking in 2018: 2)
- Goldman Sachs, market share 11%. (Ranking in 2018: 6)
- BNP Paribas, market share 8%. (Ranking in 2018: 4)
- JPMorgan, market share 6%. (Ranking in 2018: 3)
- Citi, market share 5%. (Ranking in 2018: 8)
- Credit Agricole, market share 5%. (Ranking in 2018: 13)
- Deutsche Bank, market share 4%. (Ranking in 2018: 11)
- BofA securities, market share 4%. (Ranking in 2018: 10)
- Morgan Stanley, market share 4%. (Ranking in 2018: 5)
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