Peter Deming, managing director and co-lead of Warburg Pincus's European financial and business services team, says AI presents an opportunity for banks to move up the value chain as service providers. The firm has a 'stack of investment memos' as focus shifts from exits to deployment, though volatility from events like the war in Iran has delayed some deals. Deming notes that while macro events stall activity, the business ultimately turns back on once uncertainties resolve.

The team, alongside James O'Gara, completed exits including Evelyn Partners (£2.7 billion) and Singular Bank to ING. Deming views European banking with 'fresh eyes' through an AI lens, noting that regulated banks are unlikely to be disrupted and have rich data foundations for AI-driven value creation.