"The purchase of the wealth manager from private equity firms Permira and Warburg Pincus, combined with NatWest's existing Coutts franchise, will create the UK's largest private banking and wealth management business. The enlarged group will oversee £127 billion of assets under management and administration. The deal, which NatWest said would deliver annual run-rate synergies of around £100 million, raises the prospect of job losses over time, although the Evelyn Partners brand will be retained initially."
"Paul Thwaite, NatWest's chief executive, said the transaction would strengthen the bank's ability to support savers and investors. "At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, while also helping to drive growth and investment across the economy," he said."
NatWest agreed a £2.7bn deal to acquire Evelyn Partners from private equity firms Permira and Warburg Pincus. The acquisition, combined with NatWest's Coutts franchise, will create the UK's largest private banking and wealth management group overseeing £127bn of assets under management and administration. NatWest expects annual run-rate synergies of around £100m, which may lead to job losses over time, while retaining the Evelyn Partners brand initially. Around 150,000 affluent UK families will move under NatWest's responsibility. NatWest beat rival bidders including Barclays and Royal Bank of Canada. The deal is the bank's biggest since the 2008 ABN Amro purchase and follows its return to full private ownership in May last year.
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