NatWest to buy wealth manager Evelyn Partners for £2.7bn

British banking giant NatWest Group confirmed a definitive agreement to acquire the prominent wealth management firm Evelyn Partners for £2.7 billion on February 9, 2026, marking a strategic pivot toward fee-based income and high-net-worth services. The high-stakes transaction, finalized in London, represents NatWest's largest corporate acquisition since the lender was bailed out by the UK government during the global financial crisis in 2008. The deal was motivated by a desire to diversify revenue streams and scale its wealth management arm, Coutts & Co, in an increasingly competitive domestic market. To secure the deal, NatWest successfully outbid its primary rival Barclays, which had also expressed significant interest in consolidating the lucrative wealth management sector. Evelyn Partners, which oversees billions in assets for private clients and professionals, was majority-owned by the private equity firm Permira and Warburg Pincus. By absorbing Evelyn Partners, NatWest significantly expands its reach beyond traditional retail and commercial banking, positioning itself as a dominant force in the UK's financial advisory and investment management landscape. Industry analysts view this move as a landmark moment in the rehabilitation of NatWest’s corporate identity following its years under taxpayer ownership. The acquisition is expected to bring immediate scale to the bank's existing wealth operations, integrating Evelyn’s extensive network of financial planners and tax advisors. This consolidation reflects a broader trend within the British banking industry, where traditional lenders are aggressively seeking to capture a larger share of the wealth management market to offset the volatility associated with interest rate fluctuations and traditional lending risks.