NatWest Group has finalized its purchase of Evelyn Partners, a transaction valued at an enterprise level of £2.7 billion that closed on 30 June 2026. The move combines two established wealth businesses and creates the United Kingdom’s largest private banking and wealth management operation by assets.
At the end of 2025, Evelyn Partners oversaw £69 billion in assets under management and administration. NatWest Group’s comparable figure stood at £59 billion.
Once consolidated, the total reaches £127 billion. The combined customer assets and liabilities amount to £188 billion, equal to roughly one-fifth of NatWest Group’s overall book.
The company expects the integration to deliver annual cost savings running at approximately £100 million once fully embedded.
Reaching those efficiencies is projected to require around £150 million in one-off spending.
The acquisition will reduce NatWest Group’s Common Equity Tier 1 capital ratio by about 130 basis points on a pro-forma basis at the end of 2026.
It also triggers a roughly £2.7 billion deduction from CET1 capital, reflecting goodwill and intangible assets, and adds around £1 billion in operational risk-weighted assets at completion.
One-off transaction costs of about £40 million were booked in the first half of 2026.
Paul Thwaite, NatWest Group’s chief executive, described the completion as a key milestone that advances the bank’s long-term plans at a time when more people are focused on saving and investing.
He said the combined business will give more than 20 million customers access to a wider selection of products, advice and investment options, helping them manage their money more effectively while supporting broader economic growth and stronger returns for shareholders.
Chris Kenny has been appointed chief executive of Evelyn Partners with effect from the deal’s closing date.
He reports to Emma Crystal, who leads NatWest Group’s private banking and wealth management division.
Kenny welcomed the step, noting that joining NatWest Group will allow the firm to support clients over the longer term while keeping the personal service and specialist investment advice that clients value.
He added that staff from both organizations will be able to combine their expertise to deliver greater benefits to customers.
Crystal called the combination a pivotal development that brings together complementary strengths and greater scale.
She said the enlarged business will make financial planning and investment management available to more people across the UK, whether they are experienced investors or just beginning to build their financial futures.
The transaction is expected to increase NatWest Group’s fee income by around 20 percent before any revenue benefits are realized.
It also raises the group’s exposure to the structurally growing UK wealth market and is forecast to be accretive to both overall growth and return on tangible equity from the first full year of ownership.
No immediate changes are planned for existing clients of either business.
NatWest Group has stated that customers will continue to receive the same level of service during the early stages of integration, with no action required from them.
As the businesses combine, the group intends to offer a broader range of products and channels while maintaining a smooth experience.
Further details on how the acquisition affects full-year 2026 guidance will be provided when NatWest Group releases its interim results on 31 July 2026. The deal marks a significant expansion of NatWest Group’s wealth capabilities and positions the enlarged organization to compete more effectively in a market with strong long-term growth prospects.