What do bank acquirers want? Evidence from worldwide bank M&A targets

► Are targets in cross-border bank M&As different from targets in domestic M&As? ► We answer this question studying over 24,000 banks from more than 100 countries. ► We include banks that were not involved in any M&A deal as a control sample. ► With few exceptions, domestic and foreign investors target similar banks. ► The main differences across M&A types are on the effect of country characteristics.