Bankers in India recorded the best ever quarter on mergers and acquisitions, while marketing elsewhere is declining.
India saw $ 82.3 billion pending and closed M&A markets in the second quarter, the highest on record, according to data compiled by Bloomberg. This is more than double the previous record of $ 38.1 billion in the third quarter of 2019. Globally, M&A volume in the quarter reached $ 827.6 billion, down 8.7% from the same period in 2021.
The boom in India was led by HDFC Bank Ltd NSE -0.76%, a $ 60 billion all-stock purchase of Housing Development Finance Corp. in April, merging India ‘s most valuable bank and largest mortgage lender into the country’ s largest ever M&A transaction. The move highlighted how India ‘s flagship companies, which are facing disruptive trends such as fintech growth and climate change, are turning to marketing as a tactic to significantly reshape themselves.
“While conglomerates will consolidate to become stronger and gain market share in their core sectors, there will be renewed or new initiatives around two major themes: ESG and digital,” said Sonjoy Chatterjee, chairman and CEO of Goldman Sachs Group Inc. in India. The latter in particular is a focus for all companies, regardless of sector, he said.