NatWest Group is close to completing a £2.5 billion takeover of wealth manager Evelyn Partners, in deal that will mark a new milestone in the bank’s recovery from the 2008 bailout.
The bank, trading as Royal Bank of Scotland north of the border, is said to be in advanced talks to prise Evelyn Partners from its private equity owners Permira and Warburg Pincus, as rival bidder Barclays backs off.
A deal could be announced early next week, according to Sky News, ahead of NatWest’s full-year results on Friday which are expected to confirm a robust trading performance.
Paul Thwaite, its chief executive, has identified wealth management as a target sector for the bank as it focuses its expansin on a small range of key sectors.
Evelyn, previously known as Tilney Smith & Williamson, has about £65bn in assets under management and will sit alongside NatWest’s private bank Coutts.
Last year, Evelyn’s professional services arm was sold to the buyout firm Apax Partners.
On Friday it was announced that from April, NatWest will become Rightmove’s exclusive mortgage lender, powering its Mortgage in Principle service, helping people to understand how much they can borrow to aid their homebuying search.
In November, NatWest confirmed a commitment to lend £10bn to first-time buyers during 2026.
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