Home / Business and Economy / NatWest Boss Eyes Stability Amidst Political Chaos
NatWest Boss Eyes Stability Amidst Political Chaos
10 Feb
Summary
- NatWest CEO calls for stability, certainty, and growth.
- Bank acquires wealth manager Evelyn Partners for £2.7 billion.
- Deal creates Britain's largest private banking and wealth management entity.
NatWest CEO Paul Thwaite has urged for 'stability, certainty, and growth' as political turmoil impacts market confidence. His comments coincide with the completion of NatWest's significant £2.7 billion acquisition of wealth manager Evelyn Partners, marking the bank's largest deal since its 2008 state bailout. This strategic move is poised to establish Britain's premier private banking and wealth management entity.
The acquisition of Evelyn Partners, which possesses £69 billion in assets under management, will be combined with NatWest's existing Coutts brand. This integration is projected to create a formidable £127 billion wealth management operation. NatWest anticipates achieving £100 million in annual savings from the deal, signaling potential job redundancies due to duplicated functions.
This expansion follows NatWest's return to full private ownership in May, seventeen years after receiving a £45 billion bailout. The bank has actively pursued deal-making, including recent acquisitions of savings, credit card, and loan customers from Sainsbury's and a mortgage portfolio from Metro Bank in 2024. NatWest reportedly outbid rival Barclays for Evelyn Partners, underscoring the sector's appeal amidst declining net interest income expectations.
