Business
Acquisition of Evelyn Partners; new £750m buyback
NatWest Group plc has announced the acquisition of Evelyn Partners for a £2.7 billion enterprise value, creating the UK's leading Private Banking and Wealth Management business and increasing fee income by approximately 20%. This strategic move diversifies income and increases exposure to a high-growth segment, with the combined entity holding £127 billion in Assets Under Management and Administration. Alongside the acquisition, NatWest Group is initiating a £750 million share buyback and expects the transaction to be accretive to growth and Return on Tangible Equity in its first year, with estimated annual run-rate cost synergies of £100 million. The deal, which is expected to close in summer 2026, will reduce NatWest Group's CET1 ratio by approximately 130 basis points. Disclaimer*
About this update from Natwest Group Plc
[{"type":"text","content":"\n\nNatWest Group plc\n9 February 2026\nThis announcement contains inside information\n9 February 2026\nNatWest Group announces the acquisition of Evelyn Partners and a £750m share buyback\nNatWest Group plc (\"NatWest Group\") is pleased to announce that it has reached an agreement to acquire Evelyn Partners from funds advised by Permira and Warburg Pincus for £2.7 billion enterprise value (the \"Transaction\"). The Transaction creates the UK's leading Private Banking and Wealth Management business (\"PBWM\"), transforming NatWest Group's savings and investment offering for its 20 million customers. It accelerates delivery of NatWest Group's strategy, further diversifying income by increasing fee income by c.20% pre-revenue synergies. It also increases NatWest Group's exposure to a high growth, capital light segment, with PBWM becoming c.20% of group customer assets and liabilities. NatWest Group is also announcing a share buyback of £750 million, continuing its strong track record of capital return to shareholders.\n \nCommenting on the acquisition, Paul Thwaite, Chief Executive of NatWest Group, said:\n \n\"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 UK. We look forward to welcoming our new clients and working with our colleagues at Evelyn Partners to transform the services our 20 million customers across the Group can expect from us.\n \nAt a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.\n \nThis transaction creates the UK's leading Private Banking and Wealth Management business, delivering the scale and capabilities needed to succeed in a market with significant growth potential. It accelerates delivery of NatWest Group's strategy and positions us to realise our longer-term ambitions.\n \nThis represents a strategically and financially compelling use of capital, enhancing income diversification and strengthening returns in a high‑growth segment, to deliver sustainable long‑term value creation.\"\n \nPaul Geddes, Chief Executive of Evelyn Partner...