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Number of private banks and M&A
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data-cmp-data-layer="{"lang-selector-ea9f8a3a0e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Bahrain","xdm:linkURL":"https://kpmg.com/bh/en/home.html"}}">Bahrain (EN)</a> </li> <li> <a href="https://kpmg.com/bd/en/home.html" title="Bangladesh (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-a0be267ee6":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Bangladesh","xdm:linkURL":"https://kpmg.com/bd/en/home.html"}}">Bangladesh (EN)</a> </li> <li> <a href="https://kpmg.com/bb/en/home.html" title="Barbados (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-5bd8bb0e0f":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Barbados","xdm:linkURL":"https://kpmg.com/bb/en/home.html"}}">Barbados (EN)</a> </li> <li> <a href="https://kpmg.com/be/en/home.html" title="Belgium (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-0f11e25dcb":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Belgium","xdm:linkURL":"https://kpmg.com/be/en/home.html"}}">Belgium (EN)</a> </li> <li> <a href="https://kpmg.com/be/nl/home.html" title="Belgium (NL)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-4b4962e0dd":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Belgium","xdm:linkURL":"https://kpmg.com/be/nl/home.html"}}">Belgium (NL)</a> </li> <li> <a href="https://kpmg.com/bm/en/home.html" title="Bermuda (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-e44ccdc98a":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Bermuda","xdm:linkURL":"https://kpmg.com/bm/en/home.html"}}">Bermuda (EN)</a> </li> <li> <a href="https://kpmg.com/ba/en/home.html" title="Bosnia and Herzegovina (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-801cca1b59":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Bosnia and Herzegovina","xdm:linkURL":"https://kpmg.com/ba/en/home.html"}}">Bosnia and Herzegovina (EN)</a> </li> <li> <a href="https://kpmg.com/br/pt/home.html" title="Brasil (PT)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-54bf41cee9":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Brasil","xdm:linkURL":"https://kpmg.com/br/pt/home.html"}}">Brasil (PT)</a> </li> <li> <a href="https://kpmg.com/br/en/home.html" title="Brazil (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-fa7bb6cfc3":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Brazil","xdm:linkURL":"https://kpmg.com/br/en/home.html"}}">Brazil (EN)</a> </li> <li> <a href="https://kpmg.com/vg/en/home.html" title="British Virgin Islands (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-429183666f":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"British Virgin Islands","xdm:linkURL":"https://kpmg.com/vg/en/home.html"}}">British Virgin Islands (EN)</a> </li> <li> <a href="https://kpmg.com/bg/en/home.html" title="Bulgaria (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-93e8636d99":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Bulgaria","xdm:linkURL":"https://kpmg.com/bg/en/home.html"}}">Bulgaria (EN)</a> </li> <li> <a href="https://kpmg.com/kh/en/home.html" title="Cambodia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-2c5b832d22":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Cambodia","xdm:linkURL":"https://kpmg.com/kh/en/home.html"}}">Cambodia (EN)</a> </li> <li> <a href="https://kpmg.com/cm/fr/home.html" title="Cameroon (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-ae52315cac":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Cameroon","xdm:linkURL":"https://kpmg.com/cm/fr/home.html"}}">Cameroon (FR)</a> </li> <li> <a href="https://kpmg.com/ca/en/home.html" title="Canada (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-0a3318c071":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Canada","xdm:linkURL":"https://kpmg.com/ca/en/home.html"}}">Canada (EN)</a> </li> <li> <a href="https://kpmg.com/ca/fr/home.html" title="Canada (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-60d49f3cb9":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Canada","xdm:linkURL":"https://kpmg.com/ca/fr/home.html"}}">Canada (FR)</a> </li> <li> <a href="https://kpmg.com/ky/en/home.html" title="Cayman Islands (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-86644afe0f":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Cayman Islands","xdm:linkURL":"https://kpmg.com/ky/en/home.html"}}">Cayman Islands (EN)</a> </li> <li> <a href="https://kpmg.com/qm/en/home.html" title="Channel Islands (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-49de7d6eb1":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Channel Islands","xdm:linkURL":"https://kpmg.com/qm/en/home.html"}}">Channel Islands (EN)</a> </li> <li> <a href="https://kpmg.com/cl/es/home.html" title="Chile (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-fdc77c6056":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Chile","xdm:linkURL":"https://kpmg.com/cl/es/home.html"}}">Chile (ES)</a> </li> <li> <a href="https://kpmg.com/cn/en/home.html" title="China (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b6c2bf568e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"China","xdm:linkURL":"https://kpmg.com/cn/en/home.html"}}">China (EN)</a> </li> <li> <a href="https://kpmg.com/cn/zh/home.html" title="China (ZH)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-1c6b63a010":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"China","xdm:linkURL":"https://kpmg.com/cn/zh/home.html"}}">China (ZH)</a> </li> <li> <a href="https://kpmg.com/co/es/home.html" title="Colombia (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-16141fbc6b":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Colombia","xdm:linkURL":"https://kpmg.com/co/es/home.html"}}">Colombia (ES)</a> </li> <li> <a href="https://kpmg.com/cr/es/home.html" title="Costa Rica (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d6d3184607":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Costa Rica","xdm:linkURL":"https://kpmg.com/cr/es/home.html"}}">Costa Rica (ES)</a> </li> <li> <a href="https://kpmg.com/hr/en/home.html" title="Croatia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-be0a8ce600":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Croatia","xdm:linkURL":"https://kpmg.com/hr/en/home.html"}}">Croatia (EN)</a> </li> <li> <a href="https://kpmg.com/cy/en/home.html" title="Cyprus (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-7c2c4d4695":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Cyprus","xdm:linkURL":"https://kpmg.com/cy/en/home.html"}}">Cyprus (EN)</a> </li> <li> <a href="https://kpmg.com/cz/cs/home.html" title="Czech Republic (CS)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-375b578a05":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Czech Republic","xdm:linkURL":"https://kpmg.com/cz/cs/home.html"}}">Czech Republic (CS)</a> </li> <li> <a href="https://kpmg.com/cz/en/home.html" title="Czech Republic (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-2be927d905":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Czech Republic","xdm:linkURL":"https://kpmg.com/cz/en/home.html"}}">Czech Republic (EN)</a> </li> <li> <a href="https://kpmg.com/cd/fr/home.html" title="DR Congo (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-1ee70f80b9":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"DR Congo","xdm:linkURL":"https://kpmg.com/cd/fr/home.html"}}">DR Congo (FR)</a> </li> <li> <a href="https://kpmg.com/dk/da/home.html" title="Denmark (DA)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-e314b00b74":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Denmark","xdm:linkURL":"https://kpmg.com/dk/da/home.html"}}">Denmark (DA)</a> </li> <li> <a href="https://kpmg.com/dk/en/home.html" title="Denmark (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-528c837a1e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Denmark","xdm:linkURL":"https://kpmg.com/dk/en/home.html"}}">Denmark (EN)</a> </li> <li> <a href="https://kpmg.com/eg/en/home.html" title="Egypt (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-3fd9d9f82c":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Egypt","xdm:linkURL":"https://kpmg.com/eg/en/home.html"}}">Egypt (EN)</a> </li> <li> <a href="https://kpmg.com/ee/en/home.html" title="Estonia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-db6be44432":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Estonia","xdm:linkURL":"https://kpmg.com/ee/en/home.html"}}">Estonia (EN)</a> </li> <li> <a href="https://kpmg.com/ee/et/home.html" title="Estonia (ET)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-7e43a955ed":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Estonia","xdm:linkURL":"https://kpmg.com/ee/et/home.html"}}">Estonia (ET)</a> </li> <li> <a href="https://kpmg.com/fi/fi/home.html" title="Finland (FI)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-827bc6df76":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Finland","xdm:linkURL":"https://kpmg.com/fi/fi/home.html"}}">Finland (FI)</a> </li> <li> <a href="https://kpmg.com/fr/fr/home.html" title="France (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-96beca81e2":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"France","xdm:linkURL":"https://kpmg.com/fr/fr/home.html"}}">France (FR)</a> </li> <li> <a href="https://kpmg.com/ge/en/home.html" title="Georgia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-da6175ffc5":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Georgia","xdm:linkURL":"https://kpmg.com/ge/en/home.html"}}">Georgia (EN)</a> </li> <li> <a href="https://kpmg.com/de/de/home.html" title="Germany (DE)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-5e448848ac":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Germany","xdm:linkURL":"https://kpmg.com/de/de/home.html"}}">Germany (DE)</a> </li> <li> <a href="https://kpmg.com/de/en/home.html" title="Germany (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-c8497fd692":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Germany","xdm:linkURL":"https://kpmg.com/de/en/home.html"}}">Germany (EN)</a> </li> <li> <a href="https://kpmg.com/gh/en/home.html" title="Ghana (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-cbb2d97c8c":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Ghana","xdm:linkURL":"https://kpmg.com/gh/en/home.html"}}">Ghana (EN)</a> </li> <li> <a href="https://kpmg.com/gi/en/home.html" title="Gibraltar (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-a99d684ce6":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Gibraltar","xdm:linkURL":"https://kpmg.com/gi/en/home.html"}}">Gibraltar (EN)</a> </li> <li> <a href="https://kpmg.com/gr/el/home.html" title="Greece (EL)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-dea3a4e415":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Greece","xdm:linkURL":"https://kpmg.com/gr/el/home.html"}}">Greece (EL)</a> </li> <li> <a href="https://kpmg.com/gr/en/home.html" title="Greece (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b82a534239":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Greece","xdm:linkURL":"https://kpmg.com/gr/en/home.html"}}">Greece (EN)</a> </li> <li> <a href="https://kpmg.com/cn/en/home.html" title="Hong Kong SAR (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b6c2bf568e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Hong Kong SAR","xdm:linkURL":"https://kpmg.com/cn/en/home.html"}}">Hong Kong SAR (EN)</a> </li> <li> <a href="https://kpmg.com/hu/en/home.html" title="Hungary (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-046056ea7d":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Hungary","xdm:linkURL":"https://kpmg.com/hu/en/home.html"}}">Hungary (EN)</a> </li> <li> <a href="https://kpmg.com/hu/hu/home.html" title="Hungary (HU)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-e6bd2023c7":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Hungary","xdm:linkURL":"https://kpmg.com/hu/hu/home.html"}}">Hungary (HU)</a> </li> <li> <a href="https://kpmg.com/is/is/home.html" title="Iceland (IS)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-5b56fbf7c7":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Iceland","xdm:linkURL":"https://kpmg.com/is/is/home.html"}}">Iceland (IS)</a> </li> <li> <a href="https://kpmg.com/in/en/home.html" title="India (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d0e5902732":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"India","xdm:linkURL":"https://kpmg.com/in/en/home.html"}}">India (EN)</a> </li> <li> <a href="https://kpmg.com/id/en/home.html" title="Indonesia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-7e65bd4bcd":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Indonesia","xdm:linkURL":"https://kpmg.com/id/en/home.html"}}">Indonesia (EN)</a> </li> <li> <a href="https://kpmg.com/ie/en/home.html" title="Ireland (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-5393937c10":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Ireland","xdm:linkURL":"https://kpmg.com/ie/en/home.html"}}">Ireland (EN)</a> </li> <li> <a href="https://kpmg.com/im/en/home.html" title="Isle of Man (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-ead38c8ae9":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Isle of Man","xdm:linkURL":"https://kpmg.com/im/en/home.html"}}">Isle of Man (EN)</a> </li> <li> <a href="https://kpmg.com/il/en/home.html" title="Israel (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-36c4da0567":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Israel","xdm:linkURL":"https://kpmg.com/il/en/home.html"}}">Israel (EN)</a> </li> <li> <a href="https://kpmg.com/it/it/home.html" title="Italy (IT)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-2a07808fe8":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Italy","xdm:linkURL":"https://kpmg.com/it/it/home.html"}}">Italy (IT)</a> </li> <li> <a href="https://kpmg.com/ci/fr/home.html" title="Ivory Coast (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-cdbec22568":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Ivory Coast","xdm:linkURL":"https://kpmg.com/ci/fr/home.html"}}">Ivory Coast (FR)</a> </li> <li> <a href="https://kpmg.com/jm/en/home.html" title="Jamaica (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-398f557233":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Jamaica","xdm:linkURL":"https://kpmg.com/jm/en/home.html"}}">Jamaica (EN)</a> </li> <li> <a href="https://kpmg.com/jp/en/home.html" title="Japan (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-3c3fd038e8":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Japan","xdm:linkURL":"https://kpmg.com/jp/en/home.html"}}">Japan (EN)</a> </li> <li> <a href="https://kpmg.com/jp/ja/home.html" title="Japan (JA)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-791bb03470":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Japan","xdm:linkURL":"https://kpmg.com/jp/ja/home.html"}}">Japan (JA)</a> </li> <li> <a href="https://kpmg.com/jo/en/home.html" title="Jordan (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-cb525ecea9":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Jordan","xdm:linkURL":"https://kpmg.com/jo/en/home.html"}}">Jordan (EN)</a> </li> <li> <a href="https://kpmg.com/kz/en/home.html" title="Kazakhstan (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-07e7496513":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Kazakhstan","xdm:linkURL":"https://kpmg.com/kz/en/home.html"}}">Kazakhstan (EN)</a> </li> <li> <a href="https://kpmg.com/kz/kk/home.html" title="Kazakhstan (KK)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-02cb5d088a":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Kazakhstan","xdm:linkURL":"https://kpmg.com/kz/kk/home.html"}}">Kazakhstan (KK)</a> </li> <li> <a href="https://kpmg.com/kz/ru/home.html" title="Kazakhstan (RU)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-bd9eccb09b":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Kazakhstan","xdm:linkURL":"https://kpmg.com/kz/ru/home.html"}}">Kazakhstan (RU)</a> </li> <li> <a href="https://kpmg.com/ke/en/home.html" title="Kenya (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b33b460aba":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Kenya","xdm:linkURL":"https://kpmg.com/ke/en/home.html"}}">Kenya (EN)</a> </li> <li> <a href="https://kpmg.com/kr/en/home.html" title="Korea (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-bb1f46221a":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Korea","xdm:linkURL":"https://kpmg.com/kr/en/home.html"}}">Korea (EN)</a> </li> <li> <a href="https://kpmg.com/kr/ko/home.html" title="Korea (KO)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-7db4e9a0c0":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Korea","xdm:linkURL":"https://kpmg.com/kr/ko/home.html"}}">Korea (KO)</a> </li> <li> <a href="https://kpmg.com/la/en/home.html" title="Laos (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-a5bc236a06":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Laos","xdm:linkURL":"https://kpmg.com/la/en/home.html"}}">Laos (EN)</a> </li> <li> <a href="https://kpmg.com/lv/en/home.html" title="Latvia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-2b20fa3997":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Latvia","xdm:linkURL":"https://kpmg.com/lv/en/home.html"}}">Latvia (EN)</a> </li> <li> <a href="https://kpmg.com/lv/lv/home.html" title="Latvia (LV)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-6402c6160e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Latvia","xdm:linkURL":"https://kpmg.com/lv/lv/home.html"}}">Latvia (LV)</a> </li> <li> <a href="https://kpmg.com/lb/en/home.html" title="Lebanon (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d4873251e8":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Lebanon","xdm:linkURL":"https://kpmg.com/lb/en/home.html"}}">Lebanon (EN)</a> </li> <li> <a href="https://kpmg.com/lt/en/home.html" title="Lithuania (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-eebe03f82d":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Lithuania","xdm:linkURL":"https://kpmg.com/lt/en/home.html"}}">Lithuania (EN)</a> </li> <li> <a href="https://kpmg.com/lt/lt/home.html" title="Lithuania (LT)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-5efe272ad9":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Lithuania","xdm:linkURL":"https://kpmg.com/lt/lt/home.html"}}">Lithuania (LT)</a> </li> <li> <a href="https://kpmg.com/lu/en/home.html" title="Luxembourg (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-bf34c1ed72":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Luxembourg","xdm:linkURL":"https://kpmg.com/lu/en/home.html"}}">Luxembourg (EN)</a> </li> <li> <a href="https://kpmg.com/cn/en/home.html" title="Macau SAR (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b6c2bf568e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Macau SAR","xdm:linkURL":"https://kpmg.com/cn/en/home.html"}}">Macau SAR (EN)</a> </li> <li> <a href="https://kpmg.com/my/en/home.html" title="Malaysia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-7cb9f5262f":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Malaysia","xdm:linkURL":"https://kpmg.com/my/en/home.html"}}">Malaysia (EN)</a> </li> <li> <a href="https://kpmg.com/mt/en/home.html" title="Malta (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-a64c07b237":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Malta","xdm:linkURL":"https://kpmg.com/mt/en/home.html"}}">Malta (EN)</a> </li> <li> <a href="https://kpmg.com/mu/en/home.html" title="Mauritius (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-076d0e8521":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Mauritius","xdm:linkURL":"https://kpmg.com/mu/en/home.html"}}">Mauritius (EN)</a> </li> <li> <a href="https://kpmg.com/mx/es/home.html" title="Mexico (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-ffedb524fb":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Mexico","xdm:linkURL":"https://kpmg.com/mx/es/home.html"}}">Mexico (ES)</a> </li> <li> <a href="https://kpmg.com/md/en/home.html" title="Moldova (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b1a12fa6cc":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Moldova","xdm:linkURL":"https://kpmg.com/md/en/home.html"}}">Moldova (EN)</a> </li> <li> <a href="https://kpmg.com/mc/en/home.html" title="Monaco (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-a86590207d":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Monaco","xdm:linkURL":"https://kpmg.com/mc/en/home.html"}}">Monaco (EN)</a> </li> <li> <a href="https://kpmg.com/mc/fr/home.html" title="Monaco (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d82c131616":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Monaco","xdm:linkURL":"https://kpmg.com/mc/fr/home.html"}}">Monaco (FR)</a> </li> <li> <a href="https://kpmg.com/mn/en/home.html" title="Mongolia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-08d56c84fe":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Mongolia","xdm:linkURL":"https://kpmg.com/mn/en/home.html"}}">Mongolia (EN)</a> </li> <li> <a href="https://kpmg.com/me/en/home.html" title="Montenegro (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-78ac563fd7":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Montenegro","xdm:linkURL":"https://kpmg.com/me/en/home.html"}}">Montenegro (EN)</a> </li> <li> <a href="https://kpmg.com/mz/en/home.html" title="Mozambique (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-7ee04d3444":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Mozambique","xdm:linkURL":"https://kpmg.com/mz/en/home.html"}}">Mozambique (EN)</a> </li> <li> <a href="https://kpmg.com/mm/en/home.html" title="Myanmar (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-770fcdc134":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Myanmar","xdm:linkURL":"https://kpmg.com/mm/en/home.html"}}">Myanmar (EN)</a> </li> <li> <a href="https://kpmg.com/na/en/home.html" title="Namibia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d0c50aa1e0":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Namibia","xdm:linkURL":"https://kpmg.com/na/en/home.html"}}">Namibia (EN)</a> </li> <li> <a href="https://kpmg.com/nl/en/home.html" title="Netherlands (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-3f2f5799e1":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Netherlands","xdm:linkURL":"https://kpmg.com/nl/en/home.html"}}">Netherlands (EN)</a> </li> <li> <a href="https://kpmg.com/nl/nl/home.html" title="Netherlands (NL)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-6a7a8e83fb":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Netherlands","xdm:linkURL":"https://kpmg.com/nl/nl/home.html"}}">Netherlands (NL)</a> </li> <li> <a href="https://kpmg.com/nz/en/home.html" title="New Zealand (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-026b501122":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"New Zealand","xdm:linkURL":"https://kpmg.com/nz/en/home.html"}}">New Zealand (EN)</a> </li> <li> <a href="https://kpmg.com/ng/en/home.html" title="Nigeria (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b61b59a822":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Nigeria","xdm:linkURL":"https://kpmg.com/ng/en/home.html"}}">Nigeria (EN)</a> </li> <li> <a href="https://kpmg.com/mk/en/home.html" title="North Macedonia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-89c8f7efb8":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"North Macedonia","xdm:linkURL":"https://kpmg.com/mk/en/home.html"}}">North Macedonia (EN)</a> </li> <li> <a href="https://kpmg.com/no/nb/home.html" title="Norway (NB)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d6bad2fe73":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Norway","xdm:linkURL":"https://kpmg.com/no/nb/home.html"}}">Norway (NB)</a> </li> <li> <a href="https://kpmg.com/om/en/home.html" title="Oman (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-fb81341d54":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Oman","xdm:linkURL":"https://kpmg.com/om/en/home.html"}}">Oman (EN)</a> </li> <li> <a href="https://kpmg.com/pk/en/home.html" title="Pakistan (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-1e2166a8f2":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Pakistan","xdm:linkURL":"https://kpmg.com/pk/en/home.html"}}">Pakistan (EN)</a> </li> <li> <a href="https://kpmg.com/pa/es/home.html" title="Panama (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b63a92e155":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Panama","xdm:linkURL":"https://kpmg.com/pa/es/home.html"}}">Panama (ES)</a> </li> <li> <a href="https://kpmg.com/pe/es/home.html" title="Peru (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-4d0a9c3bcf":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Peru","xdm:linkURL":"https://kpmg.com/pe/es/home.html"}}">Peru (ES)</a> </li> <li> <a href="https://kpmg.com/ph/en/home.html" title="Philippines (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-016329603e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Philippines","xdm:linkURL":"https://kpmg.com/ph/en/home.html"}}">Philippines (EN)</a> </li> <li> <a href="https://kpmg.com/pl/en/home.html" title="Poland (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-27f7141f3a":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Poland","xdm:linkURL":"https://kpmg.com/pl/en/home.html"}}">Poland (EN)</a> </li> <li> <a href="https://kpmg.com/pl/pl/home.html" title="Poland (PL)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d0351c2919":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Poland","xdm:linkURL":"https://kpmg.com/pl/pl/home.html"}}">Poland (PL)</a> </li> <li> <a href="https://kpmg.com/pt/en/home.html" title="Portugal (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-67255d34c3":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Portugal","xdm:linkURL":"https://kpmg.com/pt/en/home.html"}}">Portugal (EN)</a> </li> <li> <a href="https://kpmg.com/pt/pt/home.html" title="Portugal (PT)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-c7a5e74f31":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Portugal","xdm:linkURL":"https://kpmg.com/pt/pt/home.html"}}">Portugal (PT)</a> </li> <li> <a href="https://kpmg.com/qa/en/home.html" title="Qatar (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-451cc2640f":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Qatar","xdm:linkURL":"https://kpmg.com/qa/en/home.html"}}">Qatar (EN)</a> </li> <li> <a href="https://kpmg.com/ro/en/home.html" title="Romania (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-5810203512":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Romania","xdm:linkURL":"https://kpmg.com/ro/en/home.html"}}">Romania (EN)</a> </li> <li> <a href="https://kpmg.com/ro/ro/home.html" title="Romania (RO)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-3f74184ad4":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Romania","xdm:linkURL":"https://kpmg.com/ro/ro/home.html"}}">Romania (RO)</a> </li> <li> <a href="https://kpmg.com/sa/en/home.html" title="Saudi Arabia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-61cad2d7c7":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Saudi Arabia","xdm:linkURL":"https://kpmg.com/sa/en/home.html"}}">Saudi Arabia (EN)</a> </li> <li> <a href="https://kpmg.com/rs/en/home.html" title="Serbia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b7fb3b980b":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Serbia","xdm:linkURL":"https://kpmg.com/rs/en/home.html"}}">Serbia (EN)</a> </li> <li> <a href="https://kpmg.com/sg/en/home.html" title="Singapore (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-1a6f195c49":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Singapore","xdm:linkURL":"https://kpmg.com/sg/en/home.html"}}">Singapore (EN)</a> </li> <li> <a href="https://kpmg.com/sk/en/home.html" title="Slovakia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-76a2f0ccce":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Slovakia","xdm:linkURL":"https://kpmg.com/sk/en/home.html"}}">Slovakia (EN)</a> </li> <li> <a href="https://kpmg.com/sk/sk/home.html" title="Slovakia (SK)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-33afacfd28":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Slovakia","xdm:linkURL":"https://kpmg.com/sk/sk/home.html"}}">Slovakia (SK)</a> </li> <li> <a href="https://kpmg.com/si/en/home.html" title="Slovenia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-3593217e0e":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Slovenia","xdm:linkURL":"https://kpmg.com/si/en/home.html"}}">Slovenia (EN)</a> </li> <li> <a href="https://kpmg.com/za/en/home.html" title="South Africa (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-68e452fc99":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"South Africa","xdm:linkURL":"https://kpmg.com/za/en/home.html"}}">South Africa (EN)</a> </li> <li> <a href="https://kpmg.com/es/es/home.html" title="Spain (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-2a5dd0fef0":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Spain","xdm:linkURL":"https://kpmg.com/es/es/home.html"}}">Spain (ES)</a> </li> <li> <a href="https://kpmg.com/lk/en/home.html" title="Sri Lanka (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-f77167980f":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Sri Lanka","xdm:linkURL":"https://kpmg.com/lk/en/home.html"}}">Sri Lanka (EN)</a> </li> <li> <a href="https://kpmg.com/se/sv/home.html" title="Sweden (SV)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-af5aafdebb":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Sweden","xdm:linkURL":"https://kpmg.com/se/sv/home.html"}}">Sweden (SV)</a> </li> <li> <a href="/ch/fr.html" title="Switzerland (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-c15a686567":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Switzerland","xdm:linkURL":"/ch/fr.html"}}">Switzerland (FR)</a> </li> <li> <a href="https://kpmg.com/tw/en/home.html" title="Taiwan (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d9cb18e6d3":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Taiwan","xdm:linkURL":"https://kpmg.com/tw/en/home.html"}}">Taiwan (EN)</a> </li> <li> <a href="https://kpmg.com/tw/zh/home.html" title="Taiwan (ZH)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-42666b5a96":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Taiwan","xdm:linkURL":"https://kpmg.com/tw/zh/home.html"}}">Taiwan (ZH)</a> </li> <li> <a href="https://kpmg.com/th/en/home.html" title="Thailand (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-a26ebb9187":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Thailand","xdm:linkURL":"https://kpmg.com/th/en/home.html"}}">Thailand (EN)</a> </li> <li> <a href="https://kpmg.com/tg/fr/home.html" title="Togo (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-63af536ba7":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Togo","xdm:linkURL":"https://kpmg.com/tg/fr/home.html"}}">Togo (FR)</a> </li> <li> <a href="https://kpmg.com/tt/en/home.html" title="Trinidad and Tobago (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-e6db8d0bd5":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Trinidad and Tobago","xdm:linkURL":"https://kpmg.com/tt/en/home.html"}}">Trinidad and Tobago (EN)</a> </li> <li> <a href="https://kpmg.com/tn/en/home.html" title="Tunisia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-021fe16dd0":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Tunisia","xdm:linkURL":"https://kpmg.com/tn/en/home.html"}}">Tunisia (EN)</a> </li> <li> <a href="https://kpmg.com/tn/fr/home.html" title="Tunisia (FR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-6ae2921ebe":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Tunisia","xdm:linkURL":"https://kpmg.com/tn/fr/home.html"}}">Tunisia (FR)</a> </li> <li> <a href="https://kpmg.com/tr/en/home.html" title="Turkey (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-e3d1878869":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Turkey","xdm:linkURL":"https://kpmg.com/tr/en/home.html"}}">Turkey (EN)</a> </li> <li> <a href="https://kpmg.com/tr/tr/home.html" title="Turkey (TR)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-75b06dc73f":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Turkey","xdm:linkURL":"https://kpmg.com/tr/tr/home.html"}}">Turkey (TR)</a> </li> <li> <a href="https://kpmg.com/ua/en/home.html" title="Ukraine (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-996f36ec33":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Ukraine","xdm:linkURL":"https://kpmg.com/ua/en/home.html"}}">Ukraine (EN)</a> </li> <li> <a href="https://kpmg.com/ua/ru/home.html" title="Ukraine (RU)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-444c6bba9a":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Ukraine","xdm:linkURL":"https://kpmg.com/ua/ru/home.html"}}">Ukraine (RU)</a> </li> <li> <a href="https://kpmg.com/ua/uk/home.html" title="Ukraine (UK)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-ea17613425":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Ukraine","xdm:linkURL":"https://kpmg.com/ua/uk/home.html"}}">Ukraine (UK)</a> </li> <li> <a href="https://kpmg.com/ae/en/home.html" title="United Arab Emirates (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-cf88935127":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"United Arab Emirates","xdm:linkURL":"https://kpmg.com/ae/en/home.html"}}">United Arab Emirates (EN)</a> </li> <li> <a href="https://kpmg.com/uk/en/home.html" title="United Kingdom (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-2931ad03d1":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"United Kingdom","xdm:linkURL":"https://kpmg.com/uk/en/home.html"}}">United Kingdom (EN)</a> </li> <li> <a href="https://kpmg.com/us/en/home.html" title="United States (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-f825a7b403":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"United States","xdm:linkURL":"https://kpmg.com/us/en/home.html"}}">United States (EN)</a> </li> <li> <a href="https://kpmg.com/uy/es/home.html" title="Uruguay (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-c15d10f23a":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Uruguay","xdm:linkURL":"https://kpmg.com/uy/es/home.html"}}">Uruguay (ES)</a> </li> <li> <a href="https://kpmg.com/uz/en/home.html" title="Uzbekistan (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-1249be6a7c":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Uzbekistan","xdm:linkURL":"https://kpmg.com/uz/en/home.html"}}">Uzbekistan (EN)</a> </li> <li> <a href="https://kpmg.com/uz/ru/home.html" title="Uzbekistan (RU)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-11e42b1995":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Uzbekistan","xdm:linkURL":"https://kpmg.com/uz/ru/home.html"}}">Uzbekistan (RU)</a> </li> <li> <a href="https://kpmg.com/ve/es/home.html" title="Venezuela (ES)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-b84b335671":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Venezuela","xdm:linkURL":"https://kpmg.com/ve/es/home.html"}}">Venezuela (ES)</a> </li> <li> <a href="https://kpmg.com/vn/en/home.html" title="Vietnam (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-1b1f23002c":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Vietnam","xdm:linkURL":"https://kpmg.com/vn/en/home.html"}}">Vietnam (EN)</a> </li> <li> <a href="https://kpmg.com/vn/vi/home.html" title="Vietnam (VI)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-df17346af8":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Vietnam","xdm:linkURL":"https://kpmg.com/vn/vi/home.html"}}">Vietnam (VI)</a> </li> <li> <a href="https://kpmg.com/zm/en/home.html" title="Zambia (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-2e7d9ce5ed":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Zambia","xdm:linkURL":"https://kpmg.com/zm/en/home.html"}}">Zambia (EN)</a> </li> <li> <a href="https://kpmg.com/zw/en/home.html" title="Zimbabwe (EN)" data-cmp-clickable="true" data-cmp-data-layer="{"lang-selector-d45faf1af2":{"parentId":"lang-selector","@type":"kpmg/components/navigation/header/lang-selector","dc:title":"Zimbabwe","xdm:linkURL":"https://kpmg.com/zw/en/home.html"}}">Zimbabwe (EN)</a> </li> </ul> </div> </div> </div> <div class="cmp-header__main-nav-bar" data-cmp-header-main-nav-bar> <div class="cmp-header__main-nav-bar--container"> <div class="cmp-header__main-nav-bar--inner"> <div class="cmp-header__main-nav-bar--column"> <div class="cmp-mobile-toggle"> <button data-cmp-mobile-toggle type="button" id="mobile-toggle-b55d2c8568" class="cmp-mobile-toggle__inner" aria-label="main menu" data-cmp-clickable data-cmp-data-layer="{"mobile-toggle-b55d2c8568":{"@type":"kpmg/components/navigation/header/mobile-toggle"}}" aria-expanded="false" aria-controls="mobile-menu"> <span class="cmp-mobile-toggle__icon" aria-hidden="true">menu</span> </button> </div> <div class="cmp-logo" id="logo-78821b6015" data-cmp-is="image" data-cmp-src="/content/experience-fragments/kpmgpublic/ch/en/site/header/master/_jcr_content/root/header/logo.coreimg{.width}.svg/1718086221212/kpmg-switzerland-logo.svg" data-asset-id="5d0c59a0-31fb-4636-a1ca-240a3654b586" data-cmp-filereference="/content/dam/kpmgsites/ch/kpmg-switzerland-logo.svg" data-cmp-data-layer="{"logo-78821b6015":{"@type":"kpmg/components/navigation/header/logo","repo:modifyDate":"2024-06-11T06:10:21Z","xdm:linkURL":"/ch/en.html","image":{"repo:id":"5d0c59a0-31fb-4636-a1ca-240a3654b586","repo:modifyDate":"2024-06-04T07:35:53Z","@type":"image/svg+xml","repo:path":"/content/dam/kpmgsites/ch/kpmg-switzerland-logo.svg"}}}" data-cmp-hook-image="imageV3" itemscope itemtype="http://schema.org/ImageObject"> <div class="cmp-logo__inner"> <a class="cmp-logo__link" data-cmp-clickable href="/ch/en.html"> <img src="/content/experience-fragments/kpmgpublic/ch/en/site/header/master/_jcr_content/root/header/logo.coreimg.svg/1718086221212/kpmg-switzerland-logo.svg" loading="lazy" class="cmp-logo__image" itemprop="contentUrl" alt="KPMG Switzerland homepage"/> </a> </div> </div> </div> <div class="cmp-header__main-nav-bar--column" data-cmp-header-main-nav> <nav class="cmp-main-nav" data-cmp-main-nav> <div class="cmp-main-nav__mobile-header" data-cmp-main-nav-mobile-header> <div class="cmp-main-nav__mobile-header-container"> <button class="cmp-main-nav__mobile-header-close" data-cmp-main-nav-mobile-header-close aria-lable="close menu"> <span class="material-icons-outlined">close</span> </button> </div> </div> <ul class="cmp-main-nav__main-menu" data-cmp-main-nav-main-menu> <li class="cmp-main-nav__main-menu--list-item" data-cmp-main-nav-list-item> <div class="cmp-menu-link cmp-menu-link--level-one "> <button class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-4273511d48":{"parentId":"main-nav-d4336cdafb","dc:title":"Insights","xdm:linkURL":"/ch/en/insights.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="levelOne" aria-expanded="false" aria-haspopup="true"> <div class="cmp-menu-link__inner--label"> Insights </div> <span aria-hidden="true" class="cmp-menu-link__inner--icon"></span> </button> </div> <nav class="cmp-sub-menu" data-cmp-sub-menu> <div class="cmp-sub-menu__container"> <button class="cmp-sub-menu__back-button" data-cmp-sub-menu-back> <span aria-hidden="true" class="cmp-sub-menu__back-button-icon"></span> <div class="cmp-sub-menu__back-button-label">Back</div> </button> <section class="cmp-sub-menu__section cmp-sub-menu__section--level-two"> <nav class="cmp-sub-menu__section-nav"> <ul> <li> <div class="cmp-menu-link 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<div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-3aa29239ae":{"parentId":"main-nav-d4336cdafb","dc:title":"Business Reporting","xdm:linkURL":"/ch/en/insights/reporting.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/reporting.html"> <div class="cmp-menu-link__inner--label">Business Reporting</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-3b2640035e":{"parentId":"main-nav-d4336cdafb","dc:title":"Business Transformation","xdm:linkURL":"/ch/en/insights/transformation.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/transformation.html"> <div class="cmp-menu-link__inner--label">Business 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href="/ch/en/insights/data-analytics.html"> <div class="cmp-menu-link__inner--label">Data & Analytics</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-a1a279365f":{"parentId":"main-nav-d4336cdafb","dc:title":"Deals","xdm:linkURL":"/ch/en/insights/deals.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/deals.html"> <div class="cmp-menu-link__inner--label">Deals</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-ef4ec752c0":{"parentId":"main-nav-d4336cdafb","dc:title":"ESG & Sustainability","xdm:linkURL":"/ch/en/insights/esg-sustainability.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/esg-sustainability.html"> <div class="cmp-menu-link__inner--label">ESG & Sustainability</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-ecaaf6ceac":{"parentId":"main-nav-d4336cdafb","dc:title":"Executives & Board members","xdm:linkURL":"/ch/en/insights/executives-board-members.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/executives-board-members.html"> <div class="cmp-menu-link__inner--label">Executives & Board members</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-f1c5004521":{"parentId":"main-nav-d4336cdafb","dc:title":"Law","xdm:linkURL":"/ch/en/insights/law.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/law.html"> <div class="cmp-menu-link__inner--label">Law</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-edf53cb8ea":{"parentId":"main-nav-d4336cdafb","dc:title":"Taxes","xdm:linkURL":"/ch/en/insights/taxes.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/taxes.html"> <div class="cmp-menu-link__inner--label">Taxes</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-e1a0024d69":{"parentId":"main-nav-d4336cdafb","dc:title":"Technology","xdm:linkURL":"/ch/en/insights/technology.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/insights/technology.html"> <div class="cmp-menu-link__inner--label">Technology</div> </a> </div> </li> </ul> </nav> </section> </div> </nav> </li> <li class="cmp-main-nav__main-menu--list-item" data-cmp-main-nav-list-item> <div class="cmp-menu-link cmp-menu-link--level-one "> <button class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-4060b34f6b":{"parentId":"main-nav-d4336cdafb","dc:title":"Industries","xdm:linkURL":"/ch.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="levelOne" aria-expanded="false" aria-haspopup="true"> <div class="cmp-menu-link__inner--label"> Industries </div> <span aria-hidden="true" class="cmp-menu-link__inner--icon"></span> 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class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-48c6c9f77d":{"parentId":"main-nav-d4336cdafb","dc:title":"Asset Management","xdm:linkURL":"/ch/en/industries/asset-management.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/industries/asset-management.html"> <div class="cmp-menu-link__inner--label">Asset Management</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-a52d77b396":{"parentId":"main-nav-d4336cdafb","dc:title":"Automotive","xdm:linkURL":"/ch/en/industries/automotive.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/industries/automotive.html"> <div class="cmp-menu-link__inner--label">Automotive</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-87a630c46c":{"parentId":"main-nav-d4336cdafb","dc:title":"Banking","xdm:linkURL":"/ch/en/industries/banking.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/industries/banking.html"> <div class="cmp-menu-link__inner--label">Banking</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-f6963a0ce8":{"parentId":"main-nav-d4336cdafb","dc:title":"Commodities","xdm:linkURL":"/ch/en/industries/commodities.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/industries/commodities.html"> <div class="cmp-menu-link__inner--label">Commodities</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-0b405b479b":{"parentId":"main-nav-d4336cdafb","dc:title":"Consumer & Retail","xdm:linkURL":"/ch/en/industries/consumer-retail.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/industries/consumer-retail.html"> <div class="cmp-menu-link__inner--label">Consumer & Retail</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-9970d11d41":{"parentId":"main-nav-d4336cdafb","dc:title":"Healthcare","xdm:linkURL":"/ch/en/industries/healthcare.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/industries/healthcare.html"> <div class="cmp-menu-link__inner--label">Healthcare</div> </a> </div> </li> <li> <div class="cmp-menu-link 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class="cmp-menu-link__inner--label">Public sector & Government</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-8a9e8afc91":{"parentId":"main-nav-d4336cdafb","dc:title":"Real estate","xdm:linkURL":"/ch/en/industries/real-estate.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/industries/real-estate.html"> <div class="cmp-menu-link__inner--label">Real estate</div> </a> </div> </li> </ul> </nav> </section> </div> </nav> </li> <li class="cmp-main-nav__main-menu--list-item" data-cmp-main-nav-list-item> <div class="cmp-menu-link cmp-menu-link--level-one "> <button class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-d20ae7e15b":{"parentId":"main-nav-d4336cdafb","dc:title":"Services","xdm:linkURL":"/ch/en/services.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="levelOne" aria-expanded="false" aria-haspopup="true"> <div class="cmp-menu-link__inner--label"> Services </div> <span aria-hidden="true" class="cmp-menu-link__inner--icon"></span> </button> </div> <nav class="cmp-sub-menu" data-cmp-sub-menu> <div class="cmp-sub-menu__container"> <button class="cmp-sub-menu__back-button" data-cmp-sub-menu-back> <span aria-hidden="true" class="cmp-sub-menu__back-button-icon"></span> <div class="cmp-sub-menu__back-button-label">Back</div> </button> <section class="cmp-sub-menu__section cmp-sub-menu__section--level-two"> <nav class="cmp-sub-menu__section-nav"> <ul> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-aaa603ed67":{"parentId":"main-nav-d4336cdafb","dc:title":"All Services","xdm:linkURL":"/ch/en/services.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/services.html"> <div class="cmp-menu-link__inner--label">All Services</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-72e660568c":{"parentId":"main-nav-d4336cdafb","dc:title":"Analytics & Data Management","xdm:linkURL":"/ch/en/services/analytics-data-management.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/services/analytics-data-management.html"> <div class="cmp-menu-link__inner--label">Analytics & Data Management</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-53547df1c9":{"parentId":"main-nav-d4336cdafb","dc:title":"Audit","xdm:linkURL":"/ch/en/services/audit.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/services/audit.html"> <div class="cmp-menu-link__inner--label">Audit</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav cmp-menu-link--level-two"> <a class="cmp-menu-link__inner" data-cmp-data-layer="{"main-nav-link-f6203afdff":{"parentId":"main-nav-d4336cdafb","dc:title":"Cyber & Digital Risk Consulting","xdm:linkURL":"/ch/en/services/cyber-security-risk-consulting.html","@type":"kpmg/components/navigation/header/main-nav"}}" data-cmp-clickable data-cmp-menu-link="sectionNav" href="/ch/en/services/cyber-security-risk-consulting.html"> <div class="cmp-menu-link__inner--label">Cyber & Digital Risk Consulting</div> </a> </div> </li> <li> <div class="cmp-menu-link cmp-menu-link--section-nav 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class="cmp-hero-fbv__content-overlay-inner"> <h1 class="cmp-hero-fbv__title"> Number of private banks and M&A </h1> <div class="cmp-hero-fbv__description"> Clarity on Swiss Private Banks </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="schemamarkuparticle"> <!-- Placeholder for JSON-LD script --> <script id="jsonld-script" type="application/ld+json"></script> <script> // Directly output the values without quotes around the HTL expressions const fullURL = "https://kpmg.com/ch/en/industries/banking/financial-market-swiss-private-banks/mergers-acquisitions-private-banks.html"; const title = "Number of private banks and M&A"; const imageURL = "https://assets.kpmg.com/is/image/kpmgcloud/kpmg-clarity-swiss-private-banks-2024-mergers-acquisitions"; const datePublished = "2024-07-01"; const dateModified = "2024-07-01"; const homePageTitle = "KPMG Switzerland"; const homePageURL = "https://kpmg.com/ch/en.html"; const logoURL = 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itemtype="http://schema.org/ListItem"> <a class="cmp-breadcrumb__item-link" itemprop="item" href="/ch/en/industries.html"> <span itemprop="name">Industries</span> </a> <meta itemprop="position" content="2"/> </li> <li class="cmp-breadcrumb__item" itemprop="itemListElement" itemscope itemtype="http://schema.org/ListItem"> <a class="cmp-breadcrumb__item-link" itemprop="item" href="/ch/en/industries/banking.html"> <span itemprop="name">Banking Expertise</span> </a> <meta itemprop="position" content="3"/> </li> <li class="cmp-breadcrumb__item" itemprop="itemListElement" itemscope itemtype="http://schema.org/ListItem"> <a class="cmp-breadcrumb__item-link" itemprop="item" href="/ch/en/industries/banking/financial-market-swiss-private-banks.html"> <span itemprop="name">Clarity on Swiss Private Banks</span> </a> <meta itemprop="position" content="4"/> </li> <li class="cmp-breadcrumb__item" itemprop="itemListElement" itemscope itemtype="http://schema.org/ListItem"> <span itemprop="name">Number of private banks and M&A</span> <meta itemprop="position" content="5"/> </li> </ol> </nav> </div> </div> </div> </div> </div> </div> <div class="columncontrol utils-padding-top--medium utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large utils-padding-bottom--medium columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--threeUnEven"> <div class="cmp-column-control__col"> <div id="column-2721809c03" class="cmp-container"> <div class="text"> <div data-cmp-data-layer="{"text-d85f08edbf":{"repo:modifyDate":"2024-06-26T06:41:51Z","@type":"kpmg/components/content/text"}}" id="text-d85f08edbf" class="cmp-text"> <p>Aside from the UBS’s acquisition of Credit Suisse, 2023 was uneventful in terms of M&A. There was only one other wealth management deal, which was Julius Baer’s divestment of Kairos in Italy. There were no M&A transactions to date in 2024. As a consequence, there was no real change in the number of private banks in Switzerland.</p><p>The lack of activity is primarily due to the easing of pressure on smaller banks to sell, given the boost they received from interest income, and general caution over inorganic growth. It is likely to be temporary, with M&A resuming once the interest rate wave is over - particularly against a background of flat AuM but many banks having expanded their costs bases significantly.</p> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-3067762f95" class="cmp-container"> <div class="contactcard contentfragment contact-card__large utils-background-grey-100 light-theme utils-padding-vertical--x-small utils-md-padding-vertical--base utils-xlg-padding-vertical--large utils-padding-horizontal--x-small utils-md-padding-horizontal--base utils-xlg-padding-horizontal--large"><div class="cmp-contact-card" data-cmp-data-layer="{"contactcard-be8385cd15":{"repo:modifyDate":"2024-06-21T07:37:56Z","@type":"kpmg/components/content/contactcard","fragmentPath":"/content/dam/kpmgsites/ch/en/content-fragments/contacts/h/christian-hintermann","title":" Christian Hintermann","jobTitle":"Partner, Financial Services","memberFirm":"KPMG Switzerland"}}"> <div class="cmp-contact-card__container cmp-contact-card__container--img"> <a class="cmp-contact-card__img-link" href="/ch/en/contacts/h/christian-hintermann.html" data-cmp-data-layer="{"contactcard-be8385cd15-9c3f677112":{"parentId":"contactcard-be8385cd15","dc:title":" Christian Hintermann","xdm:linkURL":"/content/kpmgpublic/ch/en/contacts/h/christian-hintermann"}}" data-cmp-clickable="true"> <picture> <source media="(min-width: 1366px)" srcset="https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=160&hei=160, https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=320&hei=320 2x"/> <source media="(min-width: 1024px)" srcset="https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=80&hei=80, https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=160&hei=160 2x"/> <source media="(min-width: 768px)" srcset="https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=160&hei=160, https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=320&hei=320 2x"/> <source media="(min-width: 360px)" srcset="https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=160&hei=160, https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=320&hei=320 2x"/> <img itemprop="contentUrl" class="cmp-contact-card__img" src="https://assets.kpmg.com/is/image/kpmgcloud/christian-hintermann:cq5dam-web-320-320?wid=160&hei=160" alt="Christian Hintermann" title="Christian Hintermann"/> </picture> </a> </div> <div class="cmp-contact-card__container cmp-contact-card__container--content"> <a href="/ch/en/contacts/h/christian-hintermann.html" class="cmp-contact-card__bio-link" data-cmp-data-layer="{"contactcard-be8385cd15-9c3f677112":{"parentId":"contactcard-be8385cd15","dc:title":" Christian Hintermann","xdm:linkURL":"/content/kpmgpublic/ch/en/contacts/h/christian-hintermann"}}" data-cmp-clickable="true"> <h6 class="cmp-contact-card__name"> Christian Hintermann</h6> </a> <p class="cmp-contact-card__job-title"> Partner, Financial Services </p> <p class="cmp-contact-card__country"> KPMG Switzerland </p> <div class="cmp-contact-card__icons-container"> <ul class="cmp-contact-card__icons-list"> <li class="cmp-contact-card__icons-list-item"> <a data-first-name="Christian" data-last-name="Hintermann" data-contact-path="/content/kpmgpublic/ch/en/contacts/h/christian-hintermann.html" data-contact-cf-path="/content/dam/kpmgsites/ch/en/content-fragments/contacts/h/christian-hintermann" triggers-dialog-modal="true" data-cmp-data-layer="{"contactcard-be8385cd15-emailLink-58b4a1d696":{"parentId":"contactcard-be8385cd15","dc:title":"email","xdm:linkURL":"chintermann@kpmg.com"}}" data-cmp-clickable="true" href="#" onclick="event.preventDefault()" role="button"> <span class="cmp-contact-card__material-icon">mail</span> </a> </li> <li class="cmp-contact-card__icons-list-item"> <a href="tel:+41%2058%20249%2029%2083" data-cmp-data-layer="{"contactcard-be8385cd15-phoneLink-8d9fa66148":{"parentId":"contactcard-be8385cd15","xdm:linkURL":"+41 58 249 29 83"}}" data-cmp-clickable="true"> <span class="cmp-contact-card__material-icon">call</span> </a> </li> <li class="cmp-contact-card__icons-list-item"> <a target="_blank" href="https://www.linkedin.com/in/christianhintermann/" data-cmp-data-layer="{"contactcard-be8385cd15-sociallink-1860a261d2":{"parentId":"contactcard-be8385cd15","dc:title":"linkedin","xdm:linkURL":"https://www.linkedin.com/in/christianhintermann/"}}" data-cmp-clickable> <span class="linkedin == 'linkedin' ? icon-linkedin-square : icon-linkedin"></span> </a> </li> </ul> </div> </div> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-8971c4765e" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> <div class="section container responsivegrid content-max-width-medium"> <div id="section-6ac0693469" class="cmp-container"> <div class="columncontrol utils-padding-top--medium utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large utils-padding-bottom--medium columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--twoUnEvenSeventyFiveTwentyFive"> <div class="cmp-column-control__col"> <div id="column-5f2bdd9c22" class="cmp-container"> <div class="text"> <div data-cmp-data-layer="{"text-184cd05474":{"repo:modifyDate":"2024-06-24T15:03:15Z","@type":"kpmg/components/content/text"}}" id="text-184cd05474" class="cmp-text"> <p><b><span class="fontsize18px">Number of Swiss private banks by AuM size</span></b></p> </div> </div> <div class="image"> <div data-cmp-is="image" data-cmp-src="/adobe/dynamicmedia/deliver/dm-aid--07c1a313-aac0-4928-b98b-daf46e917563/kpmg-ch-number-swiss-private-banks-aum-size-2024-no-title.png?width={width}&quality=82&preferwebp=true" data-asset-id="07c1a313-aac0-4928-b98b-daf46e917563" data-cmp-filereference="/content/dam/kpmgsites/ch/images/kpmg-ch-number-swiss-private-banks-aum-size-2024-no-title.png" id="image-7b8b8181f5" data-cmp-data-layer="{"image-7b8b8181f5":{"@type":"kpmg/components/content/image","repo:modifyDate":"2024-06-24T15:05:12Z","dc:title":"> Click on the image to enlarge it","xdm:linkURL":"https://assets.kpmg.com/content/dam/kpmgsites/ch/images/kpmg-ch-number-swiss-private-banks-aum-size-2024.png.coredownload.inline.png","image":{"repo:id":"07c1a313-aac0-4928-b98b-daf46e917563","repo:modifyDate":"2024-06-25T15:13:44Z","@type":"image/png","repo:path":"/content/dam/kpmgsites/ch/images/kpmg-ch-number-swiss-private-banks-aum-size-2024-no-title.png"}}}" data-cmp-hook-image="imageV3" class="cmp-image" itemscope itemtype="http://schema.org/ImageObject"> <a class="cmp-image__link" data-cmp-clickable href="https://assets.kpmg.com/content/dam/kpmgsites/ch/images/kpmg-ch-number-swiss-private-banks-aum-size-2024.png.coredownload.inline.png" target="_blank"> <img src="/adobe/dynamicmedia/deliver/dm-aid--07c1a313-aac0-4928-b98b-daf46e917563/kpmg-ch-number-swiss-private-banks-aum-size-2024-no-title.png?quality=82&preferwebp=true" loading="lazy" class="cmp-image__image" itemprop="contentUrl" width="1500" height="1100" alt="Number of Swiss private banks by assets under management (Infographic)"/> </a> <span class="cmp-image__title" itemprop="caption">> Click on the image to enlarge it</span> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-19749c1786" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> <div class="section container responsivegrid content-max-width-medium"> <div id="section-d7c2854e84" class="cmp-container"> <div class="columncontrol utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--oneEven"> <div class="cmp-column-control__col"> <div id="column-aa13611180" class="cmp-container"> <div class="title"> <div data-cmp-data-layer="{"title-38a383a629":{"@type":"core/wcm/components/title/v3/title","repo:modifyDate":"2024-06-24T11:41:43Z","dc:title":"M&A came to a halt in 2023"}}" id="title-38a383a629" class="cmp-title"> <h2 class="cmp-title__text">M&A came to a halt in 2023</h2> </div> </div> </div> </div> </div> </div> </div> <div class="columncontrol columncontrol--vertical-align-top utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large utils-padding-bottom--medium columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--twoEven"> <div class="cmp-column-control__col"> <div id="column-af46fe4022" class="cmp-container"> <div class="text"> <div data-cmp-data-layer="{"text-1d507b78cb":{"repo:modifyDate":"2024-06-18T12:53:26Z","@type":"kpmg/components/content/text"}}" id="text-1d507b78cb" class="cmp-text"> <p>UBS’s takeover of Credit Suisse and Julius Baer’s divestment of Kairos were the only wealth management deals involving Swiss private banks last year, making 2023 the slowest year on record. There have been no deals in 2024 to date.</p><p>Outside wealth management, large banks engaged in five transactions involving asset managers, management companies or fund distributors, which are excluded from our analysis.</p><p>The number of private banks therefore remained stable at 90.</p> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-47b8901013" class="cmp-container"> <div class="text"> <div data-cmp-data-layer="{"text-efa9bfb4d4":{"repo:modifyDate":"2024-06-24T15:03:43Z","@type":"kpmg/components/content/text"}}" id="text-efa9bfb4d4" class="cmp-text"> <p><span class="fontsize18px"><b>Number of announced M&A deals (buyer, target or seller is a Swiss private bank)</b></span></p> </div> </div> <div class="image"> <div data-cmp-is="image" data-cmp-src="/adobe/dynamicmedia/deliver/dm-aid--e1d375ef-646d-413c-b9c4-54ed2f6fdb1c/kpmg-ch-number-announced-ma-deals-2024-no-title.png?width={width}&quality=82&preferwebp=true" data-asset-id="e1d375ef-646d-413c-b9c4-54ed2f6fdb1c" data-cmp-filereference="/content/dam/kpmgsites/ch/images/kpmg-ch-number-announced-ma-deals-2024-no-title.png" id="image-52fe046931" data-cmp-data-layer="{"image-52fe046931":{"@type":"kpmg/components/content/image","repo:modifyDate":"2024-06-24T11:39:24Z","dc:title":"> Click on the image to enlarge it","xdm:linkURL":"https://assets.kpmg.com/content/dam/kpmgsites/ch/images/kpmg-ch-number-announced-ma-deals-2024.png.coredownload.inline.png","image":{"repo:id":"e1d375ef-646d-413c-b9c4-54ed2f6fdb1c","repo:modifyDate":"2024-06-24T11:23:41Z","@type":"image/png","repo:path":"/content/dam/kpmgsites/ch/images/kpmg-ch-number-announced-ma-deals-2024-no-title.png"}}}" data-cmp-hook-image="imageV3" class="cmp-image" itemscope itemtype="http://schema.org/ImageObject"> <a class="cmp-image__link" data-cmp-clickable href="https://assets.kpmg.com/content/dam/kpmgsites/ch/images/kpmg-ch-number-announced-ma-deals-2024.png.coredownload.inline.png" target="_blank"> <img src="/adobe/dynamicmedia/deliver/dm-aid--e1d375ef-646d-413c-b9c4-54ed2f6fdb1c/kpmg-ch-number-announced-ma-deals-2024-no-title.png?quality=82&preferwebp=true" loading="lazy" class="cmp-image__image" itemprop="contentUrl" width="1500" height="1100" alt="Number of announced M&A deals (Infographic)"/> </a> <span class="cmp-image__title" itemprop="caption">> Click on the image to enlarge it</span> </div> </div> </div> </div> </div> </div> </div> <div class="columncontrol utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--twoUnEvenSeventyFiveTwentyFive"> <div class="cmp-column-control__col"> <div id="column-9d698d8a93" class="cmp-container"> <div class="title"> <div data-cmp-data-layer="{"title-2f2429e341":{"@type":"core/wcm/components/title/v3/title","repo:modifyDate":"2024-06-24T11:41:47Z","dc:title":"Deal fever was replaced by hiring relationship managers"}}" id="title-2f2429e341" class="cmp-title"> <h2 class="cmp-title__text">Deal fever was replaced by hiring relationship managers</h2> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-e4fdd10a97" class="cmp-container"> </div> </div> </div> </div> </div> <div class="columncontrol columncontrol--vertical-align-top utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--twoEven"> <div class="cmp-column-control__col"> <div id="column-a91e156fbc" class="cmp-container"> <div class="text"> <div data-cmp-data-layer="{"text-c957553923":{"repo:modifyDate":"2024-06-18T12:53:52Z","@type":"kpmg/components/content/text"}}" id="text-c957553923" class="cmp-text"> <p>Large banks looked to benefit from employee and client uncertainty in the wake of the UBS / Credit Suisse transaction by hiring dozens of relationship managers from those two banks. NNM in 2023 suggests this did not yet give rise to significant growth.</p><p>As the onboarding of new RMs takes time, it will be interesting to see if investments start to pay dividends in the form of additional NNM in 2024 and 2025.</p> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-0df8387ee6" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> <div class="section container responsivegrid content-max-width-medium"> <div id="section-d08cf493a6" class="cmp-container"> <div class="columncontrol utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--twoUnEvenSeventyFiveTwentyFive"> <div class="cmp-column-control__col"> <div id="column-436556007f" class="cmp-container"> <div class="title"> <div data-cmp-data-layer="{"title-6014970086":{"@type":"core/wcm/components/title/v3/title","repo:modifyDate":"2024-06-25T13:57:56Z","dc:title":"Outlook – Pressure may grow for renewed activity"}}" id="title-6014970086" class="cmp-title"> <h2 class="cmp-title__text">Outlook – Pressure may grow for renewed activity</h2> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-f22766fd94" class="cmp-container"> </div> </div> </div> </div> </div> <div class="columncontrol utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large utils-padding-bottom--medium columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--twoEven"> <div class="cmp-column-control__col"> <div id="column-5b0558756d" class="cmp-container"> <div class="text"> <div data-cmp-data-layer="{"text-882a2c806e":{"repo:modifyDate":"2024-06-18T12:54:27Z","@type":"kpmg/components/content/text"}}" id="text-882a2c806e" class="cmp-text"> <p>The pressure on banks to grow through M&A may intensify due to a number of challenges. AuM of the industry overall is the same as at the end of 2020 but with many banks having a significantly higher cost base. Generating consistent NNM will continue to be challenging. Transformational M&A can be used to leapfrog years of uncertain organic growth.</p><p>We expect the large private banks to capitalize on their strong positions and engage in larger scale M&A again.</p> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-30537dcd4c" class="cmp-container"> </div> </div> </div> </div> </div> <div class="columncontrol utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--oneEven"> <div class="cmp-column-control__col"> <div id="column-6d79340903" class="cmp-container"> <div class="separator separator-color-cobalt-blue-20"> <div id="separator-b446aff784" class="cmp-separator"> <hr class="cmp-separator__horizontal-rule" aria-hidden="true" role="none"/> </div></div> </div> </div> </div> </div> </div> </div> </div> <div class="section container responsivegrid"> <div id="section-f1550b2e15" class="cmp-container"> <div class="columncontrol utils-padding-top--medium utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--oneEven"> <div class="cmp-column-control__col"> <div id="column-d44fd3152d" class="cmp-container"> <div class="title"> <div data-cmp-data-layer="{"title-5f9fd55a1e":{"@type":"core/wcm/components/title/v3/title","repo:modifyDate":"2024-06-25T13:34:50Z","dc:title":"Acquisition performance of Swiss private banks"}}" id="title-5f9fd55a1e" class="cmp-title"> <h2 class="cmp-title__text">Acquisition performance of Swiss private banks</h2> </div> </div> </div> </div> </div> </div> </div> <div class="columncontrol utils-padding-horizontal--medium utils-md-padding-horizontal--4x-large utils-lg-padding-horizontal--6x-large utils-xlg-padding-horizontal--10x-large utils-padding-bottom--medium columncontrol--gap-xx-large"> <div class="cmp-column-control"> <div class="cmp-column-control__row cmp-column-control__row--twoEven"> <div class="cmp-column-control__col"> <div id="column-9d6d89e7d3" class="cmp-container"> <div class="text"> <div data-cmp-data-layer="{"text-fcfe7c7534":{"repo:modifyDate":"2024-06-25T13:35:11Z","@type":"kpmg/components/content/text"}}" id="text-fcfe7c7534" class="cmp-text"> <p>Professor Tomi Laamanen and Research Associate Thomas Starck from the University of St.Gallen (HSG) looked at the acquisition performance of Swiss private banks over 14 years from 2010 to 2023. This period was marked by significant regulatory change, notably the automated exchange of information, which triggered a wave of consolidation. 280 M&A transactions involving Swiss private banks took place over those years. Private banks that combined both organic and acquisitive growth outperformed the other banks on most performance measures when compared to other growth strategies.</p> </div> </div> </div> </div> <div class="cmp-column-control__col"> <div id="column-5e270a9aa1" class="cmp-container"> <div class="download utils-background-white light-theme utils-padding-vertical--x-small utils-md-padding-vertical--base utils-xlg-padding-vertical--large"><div id="download-18db88eb66" class="cmp-download"> <div class="cmp-download__thumbnail"> <img src="/content/dam/kpmgsites/ch/pdf/hsg-article-longer-term-performance-of-swiss-private-banks.pdf/_jcr_content/renditions/cq5dam.thumbnail.140.100.png" alt="Longer-Term acquisition performance of Swiss private banks 2010-2023"/> </div> <div class="cmp-download__content"> <h3 class="cmp-download__title"> Longer-Term acquisition performance of Swiss private banks 2010-2023 </h3> <div class="cmp-download__description"> Performance of Swiss Private Banks </div> 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