Prime Highlights

• NatWest has agreed to buy wealth manager Evelyn Partners for £2.7 billion, marking its biggest acquisition since the 2008 financial crisis and signalling a strong focus on long-term growth.
• The deal boosts NatWest’s wealth and private banking offering, adding thousands of clients and expanding access to financial planning and investment services across the UK.

Key Facts

• Evelyn Partners manages around £69 billion in client assets and employs about 2,400 people across the UK and Ireland.
• NatWest also announced a £750 million share buyback as part of its plan to return capital to shareholders.

Background:

NatWest has agreed to acquire UK wealth management firm Evelyn Partners in a £2.7 billion deal, marking the banking group’s largest takeover since its taxpayer bailout during the 2008 financial crisis. The acquisition signals a renewed push by the lender to expand its wealth and private banking operations following its return to full private ownership last year.

The deal will bring approximately 2,400 Evelyn Partners employees into the NatWest group and significantly strengthen the bank’s position in financial planning and investment services. NatWest already owns private bank Coutts and has been increasing its focus on higher-margin businesses as part of its long-term growth strategy.

Evelyn Partners is one of the UK’s largest wealth managers, overseeing around £69 billion in client assets and offering financial planning and investment services across the UK and Ireland. The firm was put up for sale last summer by its private equity owners, Permira and Warburg Pincus, following the sale of its professional services arm in a separate transaction last year.

NatWest reportedly beat rival bidder Barclays to secure the deal. Chief executive Paul Thwaite described the acquisition as an opportunity to broaden access to savings, investment and financial planning services for individuals and families across the country.

Thwaite, who took over as chief executive in 2024, has prioritised expansion in areas delivering stronger returns. Since assuming the role, NatWest has also acquired parts of Sainsbury’s banking business and a £2.5 billion residential mortgage portfolio from Metro Bank.

The transaction comes less than a year after NatWest completed its return to private ownership, 17 years after receiving a £45 billion government rescue during the financial crisis. The government’s exit led to a loss for taxpayers after NatWest shares were sold for less than the price paid during the bailout.

NatWest also announced a £750 million share buyback to reward shareholders. However, the bank’s shares dropped by more than 5% in early trading, as investors showed concern over the size of the deal and the costs of bringing the business together.

NatWest is scheduled to publish its full-year financial results later this week, with markets expected to focus on how the acquisition fits into the group’s broader growth plans.