NatWest Group Acquires Evelyn Partners for £2.7 Billion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Should l Buy NWG?
Source: seekingalpha
- 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.
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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.
NatWest Group Acquires Evelyn Partners for £2.7 Billion
- 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
NatWest Partners with Rightmove for Mortgage Innovation
- 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
NatWest Group Raises 2025 Income Guidance to £16.3 Billion
- Guidance Upgrade: NatWest Group has raised its 2025 income guidance to £16.3 billion, indicating strong confidence in future revenue growth and ongoing capital return capabilities.
- Buyback Completion: The bank has completed a buyback of 71.1 million shares, representing 0.88% of its share capital for £374.29 million, demonstrating proactive capital management efforts.
- Slight Fair Value Increase: The fair value for NatWest has been modestly adjusted from 6.60x to 6.63x, reflecting a slight enhancement in market recognition of its intrinsic value, even as the discount rate has increased to 8.45%.
- Analyst Target Upgrades: Analysts from Citi, JPMorgan, and RBC have raised their price targets for NatWest, reflecting growing recognition of its long-term earnings power, although some maintain neutral ratings to address potential risks.
See More
Willis Towers Watson Reveals Deal to Purchase Cushon from NatWest
Acquisition Announcement: Willis Towers Watson (WTW) has announced the acquisition of the workplace retirement schemes platform Cushon from NatWest (NWG), with the deal expected to close in the first half of 2026.
Financial Details: The financial terms of the acquisition have not been disclosed, although WTW was in advanced talks regarding the deal at the end of November.
See More
Barclays Considers Acquisition of Evelyn Partners to Target Wealthy Clients
Barclays' Potential Takeover: Barclays PLC is considering a bid for Evelyn Partners, a major UK wealth manager, with a formal offer expected by December 10, 2023, as part of a competitive sale process valued at over £2.5 billion.
Interest from Competitors: Other financial institutions, including NatWest, Royal Bank of Canada, and Lloyds Banking Group, are also exploring bids for Evelyn Partners, although no guarantees of bids or transactions have been confirmed.
Growth Strategy in Wealth Management: Barclays aims to expand its Private Banking and Wealth Management segment by hiring up to 100 advisers and targeting approximately 4 million UK customers with investable assets between £250,000 and £3 million.
Financial Performance: The Private Bank and Wealth Management segment reported a 7.7% income growth year-over-year, totaling £1.03 billion for the nine months ending September 30, 2025, with a notable increase in attributable profit.
See More
NatWest Group Acquires Evelyn Partners for £2.7 Billion
- 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
NatWest Partners with Rightmove for Mortgage Innovation
- 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
NatWest Group Raises 2025 Income Guidance to £16.3 Billion
- Guidance Upgrade: NatWest Group has raised its 2025 income guidance to £16.3 billion, indicating strong confidence in future revenue growth and ongoing capital return capabilities.
- Buyback Completion: The bank has completed a buyback of 71.1 million shares, representing 0.88% of its share capital for £374.29 million, demonstrating proactive capital management efforts.
- Slight Fair Value Increase: The fair value for NatWest has been modestly adjusted from 6.60x to 6.63x, reflecting a slight enhancement in market recognition of its intrinsic value, even as the discount rate has increased to 8.45%.
- Analyst Target Upgrades: Analysts from Citi, JPMorgan, and RBC have raised their price targets for NatWest, reflecting growing recognition of its long-term earnings power, although some maintain neutral ratings to address potential risks.
See More
Willis Towers Watson Reveals Deal to Purchase Cushon from NatWest
Acquisition Announcement: Willis Towers Watson (WTW) has announced the acquisition of the workplace retirement schemes platform Cushon from NatWest (NWG), with the deal expected to close in the first half of 2026.
Financial Details: The financial terms of the acquisition have not been disclosed, although WTW was in advanced talks regarding the deal at the end of November.
See More
Barclays Considers Acquisition of Evelyn Partners to Target Wealthy Clients
Barclays' Potential Takeover: Barclays PLC is considering a bid for Evelyn Partners, a major UK wealth manager, with a formal offer expected by December 10, 2023, as part of a competitive sale process valued at over £2.5 billion.
Interest from Competitors: Other financial institutions, including NatWest, Royal Bank of Canada, and Lloyds Banking Group, are also exploring bids for Evelyn Partners, although no guarantees of bids or transactions have been confirmed.
Growth Strategy in Wealth Management: Barclays aims to expand its Private Banking and Wealth Management segment by hiring up to 100 advisers and targeting approximately 4 million UK customers with investable assets between £250,000 and £3 million.
Financial Performance: The Private Bank and Wealth Management segment reported a 7.7% income growth year-over-year, totaling £1.03 billion for the nine months ending September 30, 2025, with a notable increase in attributable profit.
See More
