NatWest Group has revealed plans to purchase Evelyn Partners, a UK-based wealth management firm, in a deal valued at £2.7 billion on an enterprise basis. This acquisition aims to establish the combined entity as the foremost provider of private banking and wealth management services in the United Kingdom.
Alongside this, the banking institution has launched a £750 million program to repurchase its own shares, signaling confidence in its financial health and future prospects.
Evelyn Partners brings a legacy spanning more than 180 years, managing assets under management and administration totaling £69 billion.
The firm delivers a comprehensive suite of services, encompassing financial advisory, tailored investment portfolios, and an accessible online platform called BestInvest for individual investors.
Under its current leadership, Evelyn has demonstrated robust performance, with assets growing at an annual compound rate exceeding 7% from 2023 to 2025.
In 2025 alone, it reported earnings before interest, taxes, depreciation, and amortization of £179 million, alongside operating revenues of £509 million and costs amounting to £330 million.
The deal prices Evelyn at approximately 9.7 times its 2025 EBITDA, factoring in anticipated cost efficiencies.
This strategic purchase aligns seamlessly with NatWest’s broader objectives, enhancing its offerings for savings and investments to its base of 20 million customers.
By integrating Evelyn’s operations, NatWest expects to boost its fee-based revenues by about 20% before additional synergies, while shifting focus toward a rapidly expanding, low-capital-intensive market segment.
The merger will combine Evelyn’s £69 billion in assets with NatWest’s existing £59 billion, resulting in £127 billion in total assets under management and £188 billion in overall customer assets and liabilities.
Officials project annual cost savings of around £100 million, representing roughly 10% of the merged wealth management’s expense base, though achieving these will incur one-time costs of about £150 million.
Furthermore, revenue growth opportunities arise from blending Evelyn’s expertise in planning and investments with NatWest’s established banking and advisory tools.
Financially, the transaction is poised to enhance NatWest’s growth trajectory and returns on tangible equity right from the outset, outperforming the value from equivalent share repurchases.
Funded through internal reserves, it will trim the group’s core capital ratio by approximately 130 basis points, yet NatWest maintains it will remain well-capitalized and continue its dividend policy of distributing about 50% of profits to shareholders.
The integration process will be overseen by Emma Crystal, who will serve as the chief executive of the expanded private banking and wealth management division.
Both organizations emphasize a client-focused approach, aiming to deliver enhanced support across various life stages through increased scale and shared resources.
The deal awaits standard regulatory clearances and is slated for completion by mid-2026.
NatWest’s CEO, Paul Thwaite, highlighted:
“Uniting these premier operations opens doors to broader financial guidance, savings, and investment options for UK households. It catapults us to the top of the private banking and wealth sector, equipping us with the necessary scope and tools to thrive in a promising market. This advances our core strategy, bolstering revenue variety and elevating performance in a dynamic area for enduring shareholder benefits.”
Evelyn Partners’ CEO, Paul Geddes, expressed:
“With our longstanding reputation in wealth management, partnering with NatWest heralds an invigorating phase. Our aligned cultures and dedication to clients will enable us to offer superior experiences, leveraging combined strengths to foster ongoing expansion.”