This year promises to be much busier in the French mergers and acquisitions market as bankers eagerly anticipate bids for some important targets. Although last year was far from memorable if judged purely on transaction volumes, it was nonetheless one of the most eventful periods in recent years for French M&A.

Crédit Agricole's €19.5bn ($23.7bn) acquisition of Crédit Lyonnais, the year's biggest deal, kicked off a new round of banking consolidation, while several smaller deals set the scene for long-lasting changes in the securities and investment banking businesses. The chief executive of a large European bank said: "The events of the past few months will have a significant impact on the shape of French banking a decade from now."