NatWest completes £2.7bn Evelyn Partners acquisition

NatWest Group plc has completed its £2.7 billion acquisition of Evelyn Partners, creating what it describes as the UK’s leading Private Banking and Wealth Management business.

Rhea-AI Filing Summary

NatWest Group plc has completed its £2.7 billion acquisition of Evelyn Partners, creating what it describes as the UK’s leading Private Banking and Wealth Management business. Evelyn Partners had £69 billion of Assets Under Management and Administration at the end of 2025; combined with NatWest’s £59 billion at that date, this would have brought total AUMA to £127 billion and Customer Assets and Liabilities to £188 billion, around 20% of Group CAL.

The deal is expected to increase fee income by about 20% before revenue synergies and to be accretive to NatWest’s growth and Return on Tangible Equity in the first year of ownership. NatWest anticipates annual run-rate cost synergies of roughly £100 million, with about £150 million of costs to achieve. The transaction is expected to reduce the Group’s CET1 ratio by around 130 basis points, including a CET1 capital deduction of about £2.7 billion related to goodwill and intangibles, around £1 billion of operational Risk Weighted Assets recognised at completion and approximately £40 million of transaction costs in first-half 2026 other operating expenses.

NatWest will consolidate Evelyn Partners from 30 June 2026 and plans to update its full-year 2026 guidance at its interim results on 31 July 2026.

Positive

• Strategic scale in UK wealth: Acquisition of Evelyn Partners for £2.7 billion creates what NatWest describes as the UK's leading Private Banking and Wealth Management business, with illustrative combined AUMA of £127 billion and CAL of £188 billion at end‑2025.
• Earnings and synergy potential: Management expects around 20% higher fee income before revenue synergies, annual run‑rate cost synergies of roughly £100 million, and accretion to growth and Return on Tangible Equity in the first year of ownership.

Negative

• Capital ratio impact: The transaction is expected to reduce NatWest Group's CET1 ratio by about 130 basis points, including a £2.7 billion CET1 deduction for goodwill and intangible assets, around £1 billion of operational RWAs at completion and roughly £40 million of transaction costs.

Insights

Banking sector equity analyst

Large UK wealth acquisition brings scale, synergies and a capital hit.

NatWest Group has closed the £2.7 billion purchase of Evelyn Partners, creating a much larger UK Private Banking and Wealth Management franchise. Pro forma end‑2025 figures indicate £127 billion of AUMA and £188 billion of Customer Assets and Liabilities, giving the combined PBWM business notable scale within the Group.

Management highlights an expected c.20% uplift in fee income before revenue synergies and targets about £100 million of annual run‑rate cost synergies, with £150 million of costs to achieve. They also state the deal should be accretive to growth and Return on Tangible Equity in the first year, which, if delivered, would support earnings quality over time.

The transaction is expected to reduce the CET1 ratio by roughly 130% basis points, driven by a £2.7 billion CET1 deduction for goodwill and intangibles, around £1 billion of operational RWAs and about £40 million of transaction costs in H1 2026. Investors will likely focus on updated full‑year 2026 guidance due at the 31 July 2026 interim results to see how these moving parts affect capital and profitability.

Key Figures

Acquisition value: £2.7 billion enterprise value Evelyn AUMA: £69 billion NatWest AUMA: £59 billion +5 more

8 metrics

Acquisition value £2.7 billion enterprise value Purchase price for Evelyn Partners

Evelyn AUMA £69 billion Assets Under Management and Administration at end of 2025

NatWest AUMA £59 billion NatWest Group AUMA at end of 2025

Combined AUMA £127 billion Illustrative combined AUMA at end of 2025

Combined CAL £188 billion Illustrative combined Customer Assets and Liabilities, c.20% of Group CAL

Run-rate cost synergies £100 million annually Estimated annual run-rate cost synergies

Costs to achieve synergies £150 million Estimated one-off costs to achieve synergies

CET1 ratio impact c.130 basis points reduction Expected reduction in NatWest Group CET1 ratio from the transaction

Key Terms

Assets Under Management and Administration, Customer Assets and Liabilities, CET1 ratio, Risk Weighted Assets, +2 more

6 terms

Assets Under Management and Administration financial

"At the end of 2025, Evelyn Partners had £69 billion of Assets Under Management and Administration"

Assets under management and administration is the total market value of investments a firm actively manages on behalf of clients (assets under management) plus the assets it administers or services without discretionary control (assets under administration). Think of one person making decisions and paying bills for a household (management) while another simply keeps records and performs chores (administration). Higher totals signal larger business scale and potential fee revenue, which investors use to gauge growth and profitability.

Customer Assets and Liabilities financial

"would have brought total AUMA to £127 billion and total Customer Assets and Liabilities to £188 billion"

CET1 ratio financial

"the Transaction is expected to reduce NatWest Group's CET1 ratio by c.130 basis points"

CET1 ratio measures a bank's core equity capital (the most loss-absorbing funds like common stock and retained earnings) relative to the size of its risk-adjusted assets. It shows how big the bank's financial cushion is compared with what it has on its books; a higher ratio means greater ability to absorb losses, lower regulatory risk, and generally more investor confidence in the bank's stability.

Risk Weighted Assets financial

"proforma for Risk-Weighted Assets on 1 January 2027"

Risk weighted assets (RWA) are a way banks and regulators treat different assets as if they carry different levels of risk, assigning each asset a weight based on how likely it is to lose value. Investors use RWA to judge how much capital a bank must keep on hand to absorb losses; higher RWA means the lender needs more capital and may have less room to lend or return money to shareholders. Think of it as packing fragile and sturdy items differently when calculating how much protective padding you need.

Return on Tangible Equity financial

"expected to be accretive to NatWest Group's growth and Return on Tangible Equity in the first year of ownership"

Return on tangible equity measures how much profit a company generates for common shareholders using the ‘‘hard’’ capital on its balance sheet—equity after removing intangible items like goodwill and patents. Investors use it to judge the firm’s core profitability and capital efficiency, because it shows profit per dollar of tangible, real assets; think of it as earnings earned on cash, buildings and machinery rather than on acquired goodwill.

goodwill and intangible assets financial

"The CET1 capital deduction relates to the recognition of goodwill and intangible assets"

Goodwill is the extra amount a buyer pays above the measurable value of a business—think of paying more for a bakery because of its secret recipe and loyal customers—while intangible assets are non-physical items you can own and value, like patents, brand names, customer lists or software. They matter to investors because they sit on the balance sheet as part of a company’s reported worth, can be reduced suddenly if expectations fall (which lowers profits), and signal whether a company’s reported value relies on real cash-generating strengths or accounting estimates.

FAQ

What transaction did NatWest Group (NWG) announce in this Form 6-K?

NatWest Group completed the acquisition of Evelyn Partners for an enterprise value of £2.7 billion. The deal closes on 30 June 2026 and brings together NatWest’s banking and wealth capabilities with Evelyn Partners’ financial planning and investment management services.

How large is the combined NatWest Group and Evelyn Partners wealth business?

At the end of 2025, Evelyn Partners had £69 billion of AUMA and NatWest Group had £59 billion. Combined, this would have brought total AUMA to £127 billion and total Customer Assets and Liabilities to £188 billion, around 20% of Group CAL.

What financial benefits does NatWest Group expect from acquiring Evelyn Partners?

NatWest expects the combination to increase fee income by about 20% before revenue synergies and deliver estimated annual run-rate cost synergies of approximately £100 million. Management also expects the deal to be accretive to growth and Return on Tangible Equity in the first year.

How will the Evelyn Partners acquisition affect NatWest Group’s capital ratios?

The transaction is expected to reduce NatWest Group’s CET1 ratio by around 130 basis points. This includes a CET1 capital deduction of about £2.7 billion for goodwill and intangibles, around £1 billion of operational RWAs at completion, and roughly £40 million of transaction costs.

When will NatWest Group update its 2026 guidance after the Evelyn Partners deal?

NatWest Group will consolidate Evelyn Partners from 30 June 2026 and plans to give more detail on the impact on full-year 2026 guidance at its 2026 Interim Results, scheduled for 31 July 2026.

Will there be immediate changes for Evelyn Partners and NatWest Group clients?

There are no immediate changes to the services customers and clients receive, and no action is required from them. NatWest Group states it is focused on a seamless integration, expanding product and channel access as the combined business develops.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/01/2026 - 06:09 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

July, 2026

Commission File Number 001-10306

NatWest Group plc

250 Bishopsgate,

London, EC2M 4AA

United Kingdom

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

The following information was issued as Company announcements in London, England and is furnished pursuant to General Instruction B to the General Instructions to Form 6-K:

1 July 2026

NatWest Group announces the completion of the acquisition of Evelyn Partners

NatWest Group plc ("NatWest Group" or "Group") is pleased to announce that the acquisition of Evelyn Partners for £2.7 billion enterprise value (the "Transaction") completed on 30 June 2026.

The Transaction creates the UK's leading Private Banking and Wealth Management ("PBWM") business. At the end of 2025, Evelyn Partners had £69 billion of Assets Under Management and Administration ("AUMA") which, combined with NatWest Group's £59 billion at that date, would have brought total AUMA to £127 billion and total Customer Assets and Liabilities ("CAL") to £188 billion, or c.20% of Group CAL.

It transforms NatWest Group's financial planning and investment management capabilities and accelerates the Group's strategy, increasing fee income by c.20% pre-revenue synergies, and boosting exposure to the structurally higher growth UK wealth market, driving higher returns.

Commenting on the completion of the acquisition, NatWest Group CEO, Paul Thwaite, said

"Today marks an important step as we bring together two leading businesses and accelerate the delivery of our strategy, at a time when the benefits of saving and investing are increasingly part of the national conversation.

"This is a unique opportunity for the Group, delivering unmatched scale and capabilities in a market with considerable growth potential. Our new colleagues at Evelyn Partners bring with them long-standing, trusted client relationships and industry-leading expertise in financial planning and investment management.

"Together, we are now the UK's leading Private Banking and Wealth Management business. As a result, we will offer a broader range of products, services and advice to over 20 million customers, helping them to make more of their money and invest with confidence. This will help us drive further growth and investment across the economy, as well as delivering higher returns to shareholders."

Chris Kenny, CEO of Evelyn Partners, commented:

"I am delighted that we have reached this significant milestone for Evelyn Partners and, most importantly, for our clients. Becoming part of NatWest Group strengthens our ability to support them over the long term, while preserving the personal relationships, trusted advice and investment expertise that they value from Evelyn Partners. This is an exciting opportunity for our people to build on what we do best, combining our strengths with those of our new colleagues at NatWest Group to deliver even greater value for clients, both now and in the years ahead."

Emma Crystal, CEO of Private Banking & Wealth Management at NatWest Group, added:

"This is a pivotal moment for our combined business, bringing complementary capabilities and scale to the expertise and service that we offer our clients. We look forward to working alongside our new colleagues, putting financial planning and investment management in the hands of more people, right across the UK, whether they are experienced investors or taking their first steps to build their financial futures."

NatWest Group expects the combination to create material shareholder value, including estimated annual run-rate cost synergies of approximately £100 million, with costs to achieve of approximately £150 million. The Group also expects to deliver significant revenue synergies by combining Evelyn Partners' financial planning and investment management capabilities, including the Bestinvest platform, with NatWest Group's banking, savings and wealth management services. The transaction is expected to be accretive to NatWest Group's growth and Return on Tangible Equity in the first year of ownership.

As the integration progresses, the Group is committed to ensuring a seamless experience for customers and clients of the combined business, enabling access to a wider range of products, services and channels. There are no immediate changes to the service customers and clients receive, and no action is required. We look forward to engaging further as the integration progresses.

Additional information

●

NatWest Group will consolidate Evelyn Partners from 30 June 2026. More details about the impact on Group Full Year 2026 guidance will be given at the 2026 Interim Results on 31 July 2026.

●

As previously announced, the Transaction is expected to reduce NatWest Group's CET1 ratio by c.130 basis points, based on the expected capital position at 31 December 2026, proforma for Risk-Weighted Assets on 1 January 2027. This includes a CET1 capital deduction of c.£2.7 billion1, operational Risk Weighted Assets of c.£1 billion recognised upon completion and c.£40 million of transaction costs, included in H1 2026 Other operating expenses.

●

On 1 June 2026, it was announced by Evelyn Partners that Chris Kenny had been appointed CEO of Evelyn Partners with effect from the completion of the Transaction, reporting to Emma Crystal.

1. The CET1 capital deduction relates to the recognition of goodwill and intangible assets and is subject to finalisation of the purchase price allocation under IFRS 3.

Investor Relations

Claire Kane

Director of Investor Relations, NatWest Group

 +44 (0) 20 7672 1758

Media Relations

 +44 (0) 7557 316 540

Legal Entity Identifiers

NatWest Group plc: 2138005O9XJIJN4JPN90

National Westminster Bank plc: 213800IBT39XQ9C4CP71

Caution about forward-looking statements

This document contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements with respect to NatWest Group's financial condition, results of operations and business, including its strategic priorities, financial, investment and capital targets, and climate and sustainability-related targets, commitments and ambitions described herein. Statements that are not historical facts, including statements about NatWest Group's beliefs and expectations, are forward-looking statements. Words, such as 'expect', 'estimate', 'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'will', 'plan', 'could', 'target', 'goal', 'objective', 'may', 'outlook', 'prospects' and similar expressions or variations on these expressions are intended to identify forward-looking statements. In particular, this document may include forward-looking statements relating , but not limited to: NatWest Group's outlook, guidance and targets (including in relation to RoTE, total income, other operating expenses, loan impairment rate, capital generation pre-distributions, customer assets and liabilities growth rate, cost-income ratio, CET1 ratio, RWA levels and payment of dividends), its financial position, profitability and financial performance, the implementation of its strategy, its access to adequate sources of liquidity and funding, its regulatory capital position and related requirements, its impairment losses and credit exposures under certain specified scenarios, substantial regulation and oversight, ongoing legal, regulatory and governmental actions and investigations. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, future growth initiatives (including acquisitions, joint ventures and strategic partnerships), the outcome of legal, regulatory and governmental actions and investigations, the level and extent of future impairments and write-downs, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments such as artificial intelligence, interest and exchange rate fluctuations, general economic and political conditions and uncertainties, exposure to third party risk, operational risk, conduct risk, cyber, data and IT risk, financial crime risk, key person risk and credit rating risk and the impact of climate and sustainability-related risks and the transitioning to a net zero economy. These and other factors, risks and uncertainties that may impact any forward-looking statement or NatWest Group plc's actual results are discussed in NatWest Group plc's 2025 Annual Report and Accounts on Form 20-F, NatWest Group's Interim Management Statement for Q1 2026, and its other public filings. The forward-looking statements contained in this document speak only as of the date of this document and NatWest Group plc does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except to the extent legally required.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			NatWest Group plc (Registrant)
Date:	01 July 2026			By:	/s/ Mark Stevens
				Name:	Mark Stevens
				Title:	Assistant Secretary