Business
Completion of the acquisition of Evelyn Partners
NatWest Group plc has completed its acquisition of Evelyn Partners for £2.7 billion, creating the UK's leading Private Banking and Wealth Management business. This integration combines Evelyn Partners' £69 billion of Assets Under Management and Administration with NatWest's £59 billion, resulting in a total of £127 billion in AUMA and £188 billion in Customer Assets and Liabilities. The transaction is expected to increase NatWest's fee income by approximately 20% pre-synergies, boost exposure to the UK wealth market, and is projected to be accretive to growth and Return on Tangible Equity in the first year. The Group anticipates annual run-rate cost synergies of around £100 million, with associated achievement costs of approximately £150 million. The acquisition is expected to reduce NatWest Group's CET1 ratio by approximately 130 basis points. Disclaimer*
About this update from Natwest Group Plc
1 July 2026 NatWest Group announces the completion of the acquisition of Evelyn Partners NatWest Group plc ("NatWest Group" or "Group") is pleased to announce that the acquisition of Evelyn Partners for £2.7 billion enterprise value (the "Transaction") completed on 30 June 2026. The Transaction creates the UK's leading Private Banking and Wealth Management ("PBWM") business. At the end of 2025, Evelyn Partners had £69 billion of Assets Under Management and Administration ("AUMA") which, combined with NatWest Group's £59 billion at that date, would have brought total AUMA to £127 billion and total Customer Assets and Liabilities ("CAL") to £188 billion, or c.20% of Group CAL. It transforms NatWest Group's financial planning and investment management capabilities and accelerates the Group's strategy, increasing fee income by c.20% pre-revenue synergies, and boosting exposure to the structurally higher growth UK wealth market, driving higher returns. Commenting on the completion of the acquisition, NatWest Group CEO, Paul Thwaite, said "Today marks an important step as we bring together two leading businesses and accelerate the delivery of our strategy, at a time when the benefits of saving and investing are increasingly part of the national conversation. "This is a unique opportunity for the Group, delivering unmatched scale and capabilities in a market with considerable growth potential. Our new colleagues at Evelyn Partners bring with them long-standing, trusted client relationships and industry-leading expertise in financial planning and investment management. "Together, we are now the UK's leading Private Banking and Wealth Management business. As a result, we will offer a broader range of products, services and advice to over 20 million customers, helping them to make more of their money and invest with confidence. This will help us drive further growth and investment across the economy, as well as delivering higher returns to shareholders." Chris Kenny, CEO of Evelyn Partners, commented: "I am delighted that we have reached this significant milestone for Evelyn Partners and, most importantly, for our clients. Becoming part of NatWest Group strengthens our ability to ...