The value of mergers and acquisitions in the Asia-Pacific banking sector is soaring this year as regional lenders seek to take advantage of the weakness of global rivals to grab market share or spread geographic reach.

Regional banking deals in the first five months of the year totalled $35.3bn, easily outstripping the $19bn full-year figure for 2007, and the $15bn for 2006, according to figures from Dealogic, the data provider.