NatWest to seal biggest deal since financial crisis with £2.7bn buyout of wealth manager Evelyn Partners

NatWest is set to complete its biggest takeover deal since the 2008 financial crisis and its subsequent taxpayer bailout, after agreeing a £2.7bn buyout for wealth manager Evelyn Partners.

It will also mark the first major acquisition since the government exited its stake in the bank last year, having previously held around 84 per cent shareholding of the firm. At the time, CEO Paul Thwaite called the return to private ownership a “significant moment” for NatWest.

By combining Evelyn Partners with its existing Coutts business, NatWest will have the biggest private wealth management firm in the UK, with assets under management expected to be around £127bn. Evelyn offer services such as financial planning and investment management, and has more than 150,000 clients.

Reports across the weekend had placed Barclays as a major rival to purchase the platform, but both they and Royal Bank of Canada were outbid for the deal, said the Times.

The purchase by NatWest is expected to conclude in the summer of 2026, after regulatory approval. Evelyn is being purchased from private equity firms Permira and Warburg Pincus.

For now, it is expected to be “business as usual” for clients of Evelyn Partners, The Independent has been told, with the same adviser in place and no changes incoming to branding. It is likely that in time, the number of services provided will be expanded.

The Times has reported that job losses are possible once the businesses are combined.

Erin Sims, a financial services senior analyst at RSM UK, said the successful completion of this deal could lead to further dealmaking in the wider financial industry.

“This transaction reinforces continued consolidation shaping the UK wealth management sector, as firms scale to manage regulatory costs, talent scarcity and investment demands in digital and hybrid advice. A combined NatWest–Evelyn, creating among the largest bank-owned wealth managers, raises competitive pressure on other players in the market,” she said.

“More broadly, the deal is likely to accelerate further M&A as banks, consolidators and private‑equity‑backed groups race to build multi‑segment propositions from mass affluent to ultra-high net worth clients.”

NatWest’s Mr Thwaite said: “Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK.

“At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.”

Paul Geddes, CEO of Evelyn Partners, added: “Evelyn Partners is a leading UK wealth manager with more than 180 years of heritage. We are proud to have grown to £69 billion of assets under management. We both have a long-standing history as highly regarded wealth managers with a client-centric culture.

“Together, we have the scale, resources, and shared vision to provide unparalleled service to our clients. We look forward to working together to build on our success and drive future growth.”

More than 50 NatWest branches closed across the UK in 2025, according to analysis by Which?, while further branches are expected to shut this year. The bank is due to publish its most recent financial results later this week.