NatWest Group (LSE:NWG) has reached an agreement to acquire UK wealth manager Evelyn Partners for an enterprise value of £2.7bn and announced a £750m share buyback, a move it says will establish the UK’s leading private banking and wealth management platform. The transaction, which will be funded from existing resources, is expected to complete in summer 2026 subject to regulatory approvals.
The acquisition will combine Evelyn Partners’ £69bn of assets under management and administration with NatWest’s existing £59bn, creating a combined £127bn AUMA and £188bn in total customer assets and liabilities. Evelyn Partners has delivered annual AUMA growth of more than 7% and reported £179m of EBITDA in 2025, supported by an integrated offering spanning financial planning, discretionary investment management, and direct-to-consumer services.
NatWest expects the enlarged business to lift fee income by around 20% ahead of revenue synergies and generate approximately £100m in annual cost savings, with an estimated £150m required to realise those efficiencies. The group said the deal should be accretive to earnings growth and return on tangible equity in its first year, despite an anticipated impact of roughly 130 basis points on its CET1 capital ratio.
From a market perspective, NatWest’s outlook is underpinned by strong technical signals and an attractive valuation profile. Recent earnings commentary and positive corporate developments further support sentiment, although some volatility in cash flow remains a moderating factor for the overall investment case.
More about NatWest Group
NatWest Group is a major UK banking group focused on retail and commercial banking, savings and lending, and an expanding private banking and wealth management franchise. Serving around 20 million customers, the group is targeting growth in fee-based, capital-light activities through the continued development of wealth management and investment services across the UK.
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