London, UK — Monday, 9 February 2026: NatWest Group plc has agreed to acquire leading UK wealth manager Evelyn Partners in a blockbuster transaction valued at £2.7 billion, marking the lender’s largest strategic acquisition since its return to full private ownership in 2025. The deal, subject to customary regulatory approvals and expected to close in summer 2026, is set to reshape the British banking and wealth management landscape by creating the country’s largest private banking and wealth institution.
The acquisition will bring together NatWest’s existing private banking and wealth management operations — including its established private bank Coutts — with Evelyn Partners’ highly regarded financial planning and investment management platforms, combining to oversee more than £127 billion in assets under management and administration (“AUMA”). When customer deposits, loans and other assets are included, the combined business will command approximately £188 billion of total customer assets and liabilities.
NatWest’s push into wealth management reflects a broader industry trend toward fee-based, capital-light financial services. Under Chief Executive Paul Thwaite, the Edinburgh-based bank has prioritized growth areas beyond traditional lending, positioning this acquisition as a cornerstone of its strategy to diversify revenue and increase its share of high-net-worth clients nationwide.
In a statement accompanying the announcement, NatWest said that the transaction is expected to increase the proportion of fee income within its group revenues materially and accelerate delivery of long-term strategic objectives. The combined proposition will deliver a deeper suite of financial planning, advisory and discretionary investment services tailored to individual and family clients across the UK.
Paul Thwaite emphasised the cultural alignment between the two organisations and reinforced the bank’s commitment to supporting broader financial wellbeing across its 20 million-strong customer base. He described the acquisition as a “strategically and financially compelling use of capital” that will create sustainable shareholder value while strengthening the Group’s market position.
Founded through a series of mergers — including the 2020 combination of Tilney and Smith & Williamson — Evelyn Partners has more than 180 years of heritage in wealth management. It oversees approximately £69 billion in client assets and operates a highly integrated model spanning financial planning, investment management and Bestinvest, its direct-to-consumer investment platform.
Paul Geddes, Chief Executive of Evelyn Partners, said the transaction marks an “exciting new chapter” for the firm, offering scale and expanded resources to better serve clients in an increasingly complex financial environment. He noted the shared client-centric culture between the two organisations as a key driver of the strategic fit.
The purchase is being funded from NatWest’s existing resources. It includes a planned £750 million share buyback announced alongside the deal, as part of the Group’s ongoing capital allocation strategy. While the acquisition is expected to be accretive to NatWest’s growth and Return on Tangible Equity in the first year of ownership, it will reduce the bank’s Common Equity Tier 1 (CET1) capital ratio by approximately 130 basis points.
Market reaction to the announcement was mixed; NatWest’s London-listed shares declined in early trading, reflecting investor caution over the scale of capital deployment and the integration risk inherent in large acquisitions. Analysts have flagged that, despite the strategic logic of expanding fee-based activities, the valuation multiple and near-term return profile will be closely scrutinised through 2026 and beyond.
If completed as planned, the NatWest–Evelyn combination will elevate the Group into a leadership position in UK private banking and wealth management, a segment that continues to attract consolidation interest as firms seek scale in an increasingly competitive regulatory and technological environment.
The acquisition underscores NatWest’s shift toward higher-margin, advisory-led services at a time when traditional banking income from net interest margins faces pressure amid evolving economic conditions. Observers suggest the enlarged private banking and wealth management unit could become a key earnings pillar over the medium term, provided integration targets and cross-selling opportunities are realised effectively.
Photo credit: NatWest Group / Official Media Library
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