NatWest Group to Buy Evelyn Partners for £2.7B, Targets UK’s Top Private Bank and Wealth Manager

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NatWest Group (NYSE:NWG) executives outlined their planned acquisition of Evelyn Partners during a league telephone held connected abbreviated announcement pursuing the woody announcement, describing the transaction arsenic a strategical determination to make what they called the U.K.’s starring backstage slope and wealthiness manager.

NatWest said it volition get Evelyn Partners for GBP 2.7 cardinal successful cash. Management described Evelyn Partners arsenic a market-leading fiscal readying and concern absorption steadfast with a 180-year heritage, a “high-quality, loyal” lawsuit base, and what NatWest characterized arsenic a beardown taste fit.

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Executives said the operation is intended to accelerate NatWest’s strategy by expanding vulnerability to wealthiness management, which they described arsenic supported by demographic, regulatory, and exertion trends. Evelyn brings a regional web of 21 offices, employing 270 fiscal planners and 325 specializer concern managers, arsenic good arsenic the direct-to-consumer level Bestinvest.

NatWest highlighted Evelyn Partners’ 2025 performance, including income of GBP 509 million and EBITDA of GBP 179 million, representing a 35% margin. The institution besides reported net caller inflows of GBP 1.6 billion successful 2025. Executives said they spot beardown prospects for aboriginal maturation and referenced a 7% CAGR successful AUM historically erstwhile responding to expert questions.

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On scale, NatWest said Evelyn’s GBP 69 billion successful assets nether absorption and medication (AUMA), combined with NatWest’s GBP 59 billion, would make GBP 127 billion successful full AUMA. NatWest besides said full lawsuit assets and liabilities for the combined concern would beryllium GBP 188 billion, which absorption said amounts to astir 20% of the group’s full lawsuit assets and liabilities.

NatWest added that the transaction is expected to summation interest income by astir 20% earlier synergies, making non-interest income a larger proportionality of radical revenues.

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NatWest said it expects to recognize astir GBP 100 million of outgo synergies, chiefly by removing duplication successful shared services and exertion applications and achieving efficiencies of scale. The cost to achieve is expected to beryllium astir GBP 150 million, phased implicit three years.

Management described gross synergies arsenic a “meaningful opportunity,” and outlined 2 wide strands: