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NatWest is chasing the mass affluent wallet. So is everyone else | Nils Pratley
| United Kingdom | business

NatWest is chasing the mass affluent wallet. So is everyone else | Nils Pratley

#NatWest #Evelyn Partners #financial services #UK banking #investment management #mass affluent #M&A

📌 Key Takeaways

  • NatWest is acquiring Evelyn Partners for £2.7 billion to target the 'mass affluent' demographic.
  • This is the bank's largest transaction since its 2008 government bailout.
  • The deal adds approximately £60 billion in assets under management to NatWest's portfolio.
  • Analysts warn the high acquisition cost may result in a slow return on investment.

📖 Full Retelling

NatWest Group announced a definitive agreement to acquire the wealth manager Evelyn Partners for £2.7 billion in London on February 9, 2026, as part of a strategic shift to capture a larger share of the UK's 'mass affluent' market. This landmark transaction represents the bank's largest acquisition since its taxpayer-funded bailout during the 2008 financial crisis. By integrating Evelyn Partners, NatWest aims to diversify its revenue streams and reduce its reliance on traditional interest income, which has become increasingly volatile in the current economic climate. The deal underscores a broader trend in the British banking sector, where major lenders are aggressively competing for high-net-worth clients and those with significant investable assets. Evelyn Partners, which oversees approximately £60 billion in assets under management, provides NatWest with an established platform for financial planning and investment services. However, market analysts have noted that the £2.7 billion price tag is substantial, suggesting that NatWest is paying a premium to secure its position in a crowded and highly competitive wealth management landscape. While the acquisition is a bold step toward growth, investors have expressed some caution regarding the immediate financial impact. NatWest’s shares saw a muted response following the announcement, reflecting concerns over the length of time it may take for the integration to yield significant returns. The bank must now navigate the complexities of merging Evelyn’s specialized advisory services with its existing retail operations. Despite these challenges, the move signals NatWest's move away from its post-crisis era of downsizing and toward a period of expansion focused on stable, fee-based earnings.

🏷️ Themes

Banking, Wealth Management, Acquisitions

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📄 Original Source Content
<p>Bank snares biggest acquisition since it was bailed out by taxpayers in 2008 but it isn’t cheap – and may be slow to pay off</p><ul><li><p><a href="https://www.theguardian.com/business/2026/feb/09/natwest-buy-wealth-manager-evelyn-partners-barclays">NatWest to buy wealth manager Evelyn Partners for £2.7bn</a><br><br><strong><br></strong></p></li></ul><p>Announce a £2.7bn acquisition and watch your

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