NatWest Group Secures 670 GBp Target and Appoints Head for Venture Banking Launch
NatWest Group was upgraded to Neutral by BNP Paribas with a 670 GBp price target after reporting a £7.7 billion profit before tax and adding 1 million customers. The bank appointed Ruari Phillips as Head of Venture & Growth Finance to lead its NatWest Venture Banking launch in April 2026 for high-growth startups.
1. BNP Paribas Upgrade and 2025 Results
On February 27, BNP Paribas upgraded NatWest Group to Neutral from Underperform, setting a 670 GBp price target. This followed the bank’s 2025 annual results, which included a £7.7 billion profit before tax, a RoTE of 19.2%, and the addition of one million customers.
2. Expansion of Protection Insurance
Two days earlier, NatWest introduced a digital protection insurance suite for retail and mortgage clients, featuring life insurance, expanded critical illness cover for 52 conditions, and Over 50s cover. The new offering aims to enhance customer engagement and revenue through faster quote and application processes.
3. Launch of Venture Banking and Executive Hire
NatWest appointed Ruari Phillips as Head of Venture & Growth Finance to spearhead the new NatWest Venture Banking unit launching in April 2026. Phillips brings over 13 years of experience in venture debt and portfolio management from roles at HSBC UK, Silicon Valley Bank, and Barclays, and will report to Jenny Edwards.