Deutsche Bank AG's acquisition of UK investment bank Numis Corp. PLC was the largest bank M&A transaction in Europe during the second quarter, S&P Global Market Intelligence data shows.

The deal was one of several takeovers of midmarket and boutique advisers during the quarter. Italian lender Mediobanca Banca di Credito Finanziario SpA bought UK-based tech advisory firm Arma Partners LLP for an undisclosed sum, building on its purchase of asset manager Anima Holding SpA in February.

Elsewhere, Redburn (Europe) Ltd. bought broker and research provider Atlantic Equities LLP, Investec Bank PLC acquired Netherlands-based Capitalmind International BV, and Twenty First Capital took a 29.9% stake in Italy's Banca Profilo SpA.

The dearth of M&A and capital markets activity has put pressure on smaller advisers and prompted consolidation in the space. Indeed, there were just 30 transactions in the banking sector in the three months to June 30, the lowest of any quarter in more than five years.

The early weeks of the third quarter have given cause for more optimism. Nordea Bank Abp has agreed to acquire the Norwegian personal customer business of Danske Bank A/S, while BNP Paribas SA has entered into exclusive negotiations to buy Orange Bank SA, which serves over two million customers.

– View the Deutsche Bank-Numis deal profile page. – Access the M&A screener tool. – Read more about European M&A activity.

Other potential deals in the pipeline include sales of mortgage books by Barclays PLC and Sainsbury's Bank PLC as well as the sale of OTP Bank Nyrt.'s Romanian business, which has reportedly drawn the interest of UniCredit SpA, Raiffeisen Bank International AG and Erste Group Bank AG.

A further boost could come later in the year as Reuters reported that the Greek government will start selling its stakes in the country's four largest banks: Alpha Bank, National Bank of Greece SA, Piraeus Financial Holdings SA and Eurobank Ergasias Services and Holdings SA.