NatWest Group to Buy Evelyn Partners for £2.7B, Adding £69B AUMA
NatWest Group will acquire Evelyn Partners for 2.7 billion pounds ($3.7 billion), adding 69 billion pounds of AUMA and 179 million pounds EBITDA at a 9.7x EV/EBITDA multiple. The transaction will combine to 127 billion pounds AUMA and deliver 100 million pounds in annual cost synergies, reducing CET1 by about 130 basis points.
1. Acquisition Details
NatWest Group agreed to acquire Evelyn Partners for an enterprise value of 2.7 billion pounds (approximately $3.7 billion). Evelyn Partners oversees 69 billion pounds in assets under management and administration and generated 179 million pounds of EBITDA in 2025, reflecting over 7% CAGR in AUMA.
2. Financial Impact and Synergies
The combined private banking and wealth management business will manage 127 billion pounds of AUMA and 188 billion pounds of customer assets and liabilities. NatWest expects annual run-rate cost synergies of 100 million pounds with 150 million pounds of implementation costs, and the transaction is projected to be accretive to Return on Tangible Equity in the first year.
3. Funding, Regulatory and Shareholder Returns
The acquisition will be funded from existing resources and will reduce NatWest’s CET1 ratio by approximately 130 basis points. NatWest also announced a 750 million pounds share buyback program, with the dividend payout ratio remaining at roughly 50% of attributable profits. Closing is scheduled for summer 2026, subject to regulatory approvals.