NatWest Group is in advanced discussions to acquire wealth management firm Evelyn Partners in a transaction valued between £2.5 billion and £2.7 billion, according to multiple financial news sources. An official announcement could be made at the start of the trading week.
The bank declined to comment on the speculation. If completed, this would represent NatWest's most significant acquisition since its government rescue during the 2008 financial crisis. The move signals a strategic push toward expanding its fee-based revenue streams, which are generally less volatile than traditional lending margins.
Evelyn Partners manages approximately £65 billion in client assets. Sky News reported that NatWest, which returned to full private ownership last year, recently outbid Barclays for the asset manager.
Investors are closely monitoring how the bank allocates capital between strategic growth initiatives like this acquisition and its ongoing shareholder return programs. On Friday, NatWest repurchased 797,428 of its own shares at an average price of 659.29 pence as part of a £750 million buyback scheme scheduled to conclude by February 13.
The bank's shares closed at 659.4 pence on Friday, marking a 1.45% gain. The broader banking sector helped lift the FTSE 100, which finished 0.6% higher after the Bank of England hinted at potential interest rate cuts should inflation continue to decline.
Market attention now turns to NatWest's upcoming annual results, scheduled for release on February 13. The report is expected to include the bank's financial guidance for 2026 and new strategic targets for 2028.
