In a bold bid to reshape Britain’s wealth landscape, NatWest to acquire Evelyn Partners for £2.7 billion ($3.7 billion), tightening its grip on the private banking and wealth management market.
The FTSE 100-listed NatWest Group PLC announced Monday that it has agreed to buy the British wealth manager from global investment firm Permira and private equity heavyweight Warburg Pincus. The transaction is designed to accelerate NatWest’s ambitions in financial planning, savings and investment services across the U.K.
Alongside the acquisition, NatWest unveiled a £750 million share buyback program, signaling confidence even as it embarks on one of the largest wealth deals in recent U.K. history.
Building a Wealth Powerhouse
“Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the U.K.,” NatWest Chief Executive Paul Thwaite said in a statement.
The acquisition is expected to lift NatWest’s fee income by about 20% and increase the share of private banking and wealth management operations to 20% of its customer assets and liabilities. Once completed, the deal would expand NatWest’s total assets under management and administration to £127 billion.
NatWest said it plans to fund the purchase from existing resources, a move projected to reduce its Common Equity Tier 1 ratio — a key measure of financial resilience — by nearly 130 basis points.
The transaction is anticipated to close in the summer, subject to regulatory approval. Specific regulators involved were not disclosed.
