Natwest Group Plc · LSE:NWG
Natwest — Merger or Acquisition (2026)
9 slides from Natwest's merger presentation, 2026
Slide 1: Acquisition of Evelyn Partners
Acquisition of Evelyn Partners Creating the #1 UK Private Bank and Wealth Manager
Slide 2: Transforming our savings & investments offering for our >20 million customers
Transforming our savings & investments offering for our >20 million customers Accelerating delivery of our Group strategy in a structurally attractive growth market Scales our PBWM business to ~20% of Group customer assets and liabilities1, incl. £127bn AUMA2 Increases Group fee income by ~20%3 stre
Slide 3: UK wealth market growth drivers
• UK household wealth peaks around retirement age, a cohort projected to grow by 7% by 20302 Direct-to-Consumer CAGR CAGR • ~£1.2tn3 inter-generational wealth transfer in Advice and investment management 2019-24 2025-29 next 5-10 years • Wealth held by Gen X and Millennials set to +5-7% 2.9 almost d
Slide 4: Evelyn Partners at a glance
FY’25 AUMA ~270 Financial planners ~325 Investment managers “Place the power of good advice into more hands” FY’25 net new money Regional offices across the UK & Ireland Trusted and personalised advice with FY’25 operating income award-winning D2C platform D2C platform FY’25 EBITDA >7% AUMA CAGR 202
Slide 5: #1 UK Private Bank and Wealth Manager
#1 UK Private Bank and Wealth Manager £119bn CAL £69bn AUMA1 incl. £59bn AUMA1 Leading Financial Planning proposition ✓ Leading UK Private Bank ✓ Leading UK Wealth Manager ✓ A full suite offering of banking, ✓ Award-winning Financial Tailored Investment Solutions lending & wealth management Planning
Slide 6: Synergies and integration opportunities
✓ High platform alignment, allowing for significant de-duplication of technology applications ✓ Streamlining of shared services and functions ~£150m ✓ Consolidation of licences and marketing spend ✓ Bringing Evelyn Partners’ leading financial planning and investment management solutions to our 20+ m
Slide 7: Key financial terms
£2.7bn 9.7x 100% Key financial terms 2025 EV / EBITDA Enterprise value Cash consideration1 Includes run-rate cost synergies Significant revenue ~£100m ~ ~£150m Synergies Target cost synergies Cost to achieve synergies 1.5x cost synergies ~10% of combined PBWM cost base ROTE accretive ~130bps Financi
Slide 8: Notes
Note: Financial information is unaudited. Slide 2: 1) Group customer assets and liabilities includes gross customer loans, customer deposits and AUMA across NatWest’s three businesses: Retail Banking, Private Banking & Wealth Management (PBWM), and Commercial & Institutional as at 31 December 2025.
Slide 9: Forward-looking statements
Forward-looking statements The guidance, targets, expectations and trends discussed in this presentation represent NatWest Group management’s current expectations and are subject to change, including as a result of the factors described in the “Risk Factors” in the NatWest Group plc 2024 Annual Repo