(10 February 2026 – United Kingdom) NatWest has agreed to acquire UK wealth manager Evelyn Partners for £2.7 billion, marking its largest takeover since the 2008 taxpayer bailout and underscoring a renewed strategic focus on fee-based income streams.
The transaction strengthens NatWest’s position in wealth management alongside its private bank, Coutts, and places it firmly among major UK lenders expanding into advisory and investment services. Competitors including HSBC, Lloyds Banking Group and Barclays have also been targeting affluent clients to reduce reliance on interest rate-sensitive lending revenues.
Evelyn Partners oversees approximately £69 billion in client assets and operates across the UK and Ireland, employing around 2,400 staff. The business fills a gap between NatWest’s ultra-high-net-worth Coutts clientele and its premier retail segment, where customers typically hold at least £100,000 in income, savings or investments.
Group chief executive Paul Thwaite described the acquisition as “transformative”, saying it would establish private banking and wealth management as a key “growth engine” for the group and increase the proportion of revenues generated from fees by around 20%. “So we see the quality and mix of our earnings, change quite considerably,” he said.
He also characterised the deal as a “unique opportunity to provide financial planning, savings and investment services to more families and people across the UK”.
While Thwaite acknowledged there “will be areas of duplication” requiring consultation with staff, the acquisition is expected to complete this summer.
Despite announcing a £750 million share buyback, NatWest shares fell nearly 6 percent on the day of the announcement.