NatWest Acquires Evelyn Partners for £2.7 Billion to Enhance Wealth Management
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
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Should l Buy NWG?
Source: Benzinga
- Acquisition Overview: NatWest Group disclosed the acquisition of Evelyn Partners for £2.7 billion (approximately $3.7 billion), aiming to strengthen its position in the wealth management sector and create the U.K.'s leading Private Banking and Wealth Management business to enhance services for its 20 million customers.
- Asset Management Growth: With Evelyn Partners managing £69 billion in assets, the merger is expected to increase total assets under management to £127 billion, significantly enhancing NatWest's market reach and client asset management capabilities.
- Synergies and Cost Savings: The acquisition is projected to generate annual run-rate cost synergies of £100 million, approximately 10% of combined PBWM costs, with implementation costs around £150 million, demonstrating the financial viability of the deal.
- Shareholder Buyback Plan: NatWest announced a £750 million share buyback program, expected to commence after the release of first-half 2027 results, while maintaining an ordinary dividend payout ratio of about 50%, aimed at enhancing shareholder value.
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About NWG
NatWest Group plc is a United Kingdom-based banking company. The Company serves customers in England and Wales, supporting them with their personal, private, and business banking needs. It also offers businesses specialist sector knowledge in areas such as sustainable energy, commercial property and technology, as well as access to specialist entrepreneurial support. Its segments include Retail Banking, Private Banking, Commercial & Institutional, and Central items & other. The Retail Banking segment serves personal customers in the United Kingdom, including Ulster Bank customers in Northern Ireland. The Private Banking segment serves United Kingdom-connected high-net-worth individuals and their business interests. The Commercial & Institutional segment consists of customer businesses reported under business banking, commercial mid-market and corporate & institutions, supporting its customers across the full non-personal customer lifecycle, both domestically and internationally.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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NatWest Acquires Evelyn Partners for £2.7 Billion to Enhance Wealth Management
- Acquisition Overview: NatWest Group disclosed the acquisition of Evelyn Partners for £2.7 billion (approximately $3.7 billion), aiming to strengthen its position in the wealth management sector and create the U.K.'s leading Private Banking and Wealth Management business to enhance services for its 20 million customers.
- Asset Management Growth: With Evelyn Partners managing £69 billion in assets, the merger is expected to increase total assets under management to £127 billion, significantly enhancing NatWest's market reach and client asset management capabilities.
- Synergies and Cost Savings: The acquisition is projected to generate annual run-rate cost synergies of £100 million, approximately 10% of combined PBWM costs, with implementation costs around £150 million, demonstrating the financial viability of the deal.
- Shareholder Buyback Plan: NatWest announced a £750 million share buyback program, expected to commence after the release of first-half 2027 results, while maintaining an ordinary dividend payout ratio of about 50%, aimed at enhancing shareholder value.
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- Share Buyback Announcement: In conjunction with the acquisition, NatWest announced a £750 million share buyback aimed at enhancing shareholder value and boosting market confidence.
- Financial Metrics Insight: Evelyn Partners generated a full-year EBITDA of £179 million for 2025, valuing the transaction at a 9.7x EV/EBITDA multiple, indicating strong profitability and market positioning.
- Asset Management Integration: The merger will combine Evelyn Partners' £69 billion AUMA with NatWest's £59 billion, resulting in a total AUMA of £127 billion and total customer assets and liabilities of £188 billion, which is expected to create significant shareholder value.
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- Potential Competitors: Although the Royal Bank of Canada (RBC) is speculated to be linked to the auction, it remains unclear whether they will submit a bid, adding uncertainty to the competitive landscape.
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- Asset Management Growth: With Evelyn Partners managing £69 billion in assets, the merger is expected to increase total assets under management to £127 billion, significantly enhancing NatWest's market reach and client asset management capabilities.
- Synergies and Cost Savings: The acquisition is projected to generate annual run-rate cost synergies of £100 million, approximately 10% of combined PBWM costs, with implementation costs around £150 million, demonstrating the financial viability of the deal.
- Shareholder Buyback Plan: NatWest announced a £750 million share buyback program, expected to commence after the release of first-half 2027 results, while maintaining an ordinary dividend payout ratio of about 50%, aimed at enhancing shareholder value.
See More
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- Earnings Growth: The company posted adjusted earnings of $16.37 per share, exceeding analyst estimates of $10.96 per share, demonstrating significant improvement in profitability that could lay the groundwork for future growth.
- Stock Price Decline: Despite the revenue and earnings beats, Strategy's stock dipped 4.8% to $128.36 in pre-market trading, reflecting market concerns about the overall economic environment, which may impact investor confidence.
- Market Trends: U.S. stock futures were lower, with Nasdaq 100 futures falling around 100 points, indicating cautious market sentiment that could pressure tech stocks and influence overall investment strategies.
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- Acquisition Overview: NatWest Group has agreed to acquire Evelyn Partners for an enterprise value of £2.7 billion, which accelerates the implementation of NatWest's strategy and is expected to increase fee income by 20% pre-revenue synergies.
- Share Buyback Announcement: In conjunction with the acquisition, NatWest announced a £750 million share buyback aimed at enhancing shareholder value and boosting market confidence.
- Financial Metrics Insight: Evelyn Partners generated a full-year EBITDA of £179 million for 2025, valuing the transaction at a 9.7x EV/EBITDA multiple, indicating strong profitability and market positioning.
- Asset Management Integration: The merger will combine Evelyn Partners' £69 billion AUMA with NatWest's £59 billion, resulting in a total AUMA of £127 billion and total customer assets and liabilities of £188 billion, which is expected to create significant shareholder value.
See More
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- Strategic Partnership Launch: NatWest Group announced an exclusive mortgage partnership with Rightmove, set to begin in April, aimed at providing users with mortgage affordability insights to help homebuyers understand their borrowing potential early in their property search, thereby enhancing customer decision-making capabilities.
- Service Digitization Enhancement: The collaboration will integrate NatWest's Mortgage in Principle service with Rightmove's existing affordability tools, aiming to accelerate and digitize the UK home-moving process, making the search experience more efficient for buyers.
- Customer Support Mechanism: Users applying through Rightmove will receive NatWest's digital mortgage decisions in principle, with eligible customers potentially receiving a full mortgage offer within 24 hours of applying online, ensuring timely financial support for homebuyers.
- Market Positioning and Commitment: As the UK's third-largest mortgage lender, NatWest is committed to assisting first-time buyers through initiatives like the Family Backed Mortgage and Shared Ownership Mortgage, with plans to lend £10 billion to first-time buyers by 2026, further enhancing its competitive edge in the market.
See More
Barclays and NatWest Expected to Bid for Evelyn Partners
- Bidding Activity: Barclays and NatWest are expected to formally submit bids for wealth management firm Evelyn Partners on Thursday, indicating strong interest in the wealth management sector.
- Bid Scale: Both banks are offering over £2 billion for a firm that manages approximately £65 billion in assets, which would significantly enhance their market position if successful.
- Potential Competitors: Although the Royal Bank of Canada (RBC) is speculated to be linked to the auction, it remains unclear whether they will submit a bid, adding uncertainty to the competitive landscape.
- Shareholder Background: Evelyn Partners is owned by private equity firms Permira and Warburg Pincus, and this acquisition could impact their future strategic direction and investment decisions.
See More
