NatWest Group (LSE:NWG) has completed its £2.7 billion enterprise value acquisition of Evelyn Partners, the wealth management and financial planning firm, creating what the bank describes as the UK's leading private banking and wealth management business.
The combined group brings together Evelyn Partners' £69 billion in assets under management and administration at end-2025 with NatWest's own £59 billion, producing a pro forma total of £127 billion in AUMA and £188 billion in total customer assets and liabilities, equivalent to roughly 20% of NatWest's group customer assets and liabilities.
NatWest says the deal lifts fee income by approximately 20% before any revenue synergies and deepens its exposure to what it characterises as a structurally higher-growth segment of the UK financial services market.
"This is a unique opportunity for the Group, delivering unmatched scale and capabilities in a market with considerable growth potential," said chief executive Paul Thwaite.
On the capital side, the transaction is expected to reduce NatWest's common equity tier 1 ratio by approximately 130 basis points, reflecting a CET1 capital deduction of approximately £2.7 billion, operational risk-weighted assets of approximately £1 billion recognised on completion, and roughly £40 million of transaction costs booked in the first half of 2026.
NatWest will consolidate Evelyn Partners from 30 June, with further guidance on the full-year 2026 financial impact due at the interim results on 31 July.
