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NatWest Group
NatWest Group (NWG) investor relations material
NatWest Group M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A announcement summary9 Feb, 2026
Deal rationale and strategic fit
Acquisition creates the UK's leading private banking and wealth management business, transforming savings and investment offerings for over 20 million customers and accelerating exposure to a high-growth, capital-light segment driven by demographic, regulatory, and technology trends.
Combined assets under management and administration reach £127 billion, with total customer assets and liabilities at £188 billion, making wealth management a key growth engine and representing about 20% of group assets and liabilities.
Evelyn Partners brings a strong regional network, loyal client base, and direct-to-consumer investment platform, enhancing financial planning and investment capabilities.
Positions the group as a scaled, leading player in a fragmented and fast-growing UK wealth management market.
Accelerates group strategy and strategic diversification by increasing fee income by around 20% pre-revenue synergies.
Financial terms and conditions
Acquisition price is £2.7 billion in cash, with an implied EV/EBITDA multiple of 9.7x 2025 including run-rate cost synergies, funded from existing resources.
Transaction is ROTE accretive, with returns expected to exceed those from a share buyback in year 1.
CET1 ratio expected to reduce by approximately 130 basis points, but the group remains well capitalized.
Share buyback of £750 million announced, with the next buyback expected at H1 2027 results and ongoing commitment to return surplus capital to shareholders.
Ordinary dividend payout ratio remains at around 50% of attributable profits.
Synergies and expected cost savings
Targeting approximately £100 million in annual cost synergies, about 10% of the combined cost base, mainly from technology and shared services consolidation.
Cost to achieve synergies is estimated at £150 million, phased over three years.
Revenue synergies expected from cross-selling financial planning and investment management solutions, leveraging technology, and expanding offerings to both client bases.
High platform alignment enables significant technology and operational de-duplication.
Detail the assumptions for returns vs. buyback?
What is the client retention strategy
Describe new capabilities' integration plan
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Next NatWest Group earnings date
Q4 202513 Feb, 2026
NatWest Group
Next NatWest Group earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
A Pillar of British Banking
The National Westminster Bank, widely known as NatWest, is a significant name within the British banking sector and beyond. Founded in 1968 following the merger of National Provincial Bank and Westminster Bank, NatWest has grown to become a powerhouse in UK finance, offering a myriad of services and cultivating a strong reputation. The company is headquartered in the British capital and trades on the London Stock Exchange.
Pioneering Mergers in the British Banking Industry
NatWest's formation was a transformative moment in the British banking industry. The merger of National Provincial Bank and Westminster Bank, two institutions with histories dating back to the 19th century, created a banking behemoth, propelling the newly formed NatWest to the forefront of UK finance. The merger signaled the start of a new era in British banking, characterized by the consolidation of banking services under a single brand. Today, they’re still an important player in the country’s banking sector and some of their largest competitors include other large banks like Barclays and HSBC as well as several other institutions.
For Private Customers
NatWest offers a comprehensive suite of financial services for private individuals, aimed at meeting a broad spectrum of personal banking needs. Their offerings include a range of savings and checking, as well as other products and services expected from modern banks. For customers looking to buy a home or refinance an existing mortgage, NatWest provides an array of mortgage options with competitive rates. Credit card offerings from the bank are modern and meet various requirements common amongst customers with everything from rewards programs to balance transfers. The bank also offers personal loans and insurance products, investment services, retirement planning, and financial advice to help customers make decisions that are in tune with their goals. The bank operates robust online and mobile banking platforms that allow customers to manage their finances conveniently and securely from anywhere at any time.
Serving Institutional Clients
NatWest offers a comprehensive portfolio of financial products and services designed specifically to cater to the needs of institutional clients. Their Corporate & Institutional Banking division provides solutions in areas like debt financing and trade finance. The bank is experienced in providing syndicated loans, bond issuance, and structured finance, supporting clients in capital-raising activities.
In trade finance, they facilitate international business with letters of credit, guarantees, and import/export financing. NatWest Markets, the investment banking arm of the group, provides services such as currency trading, equities, fixed income, and derivatives to help institutions manage liquidity and investments. They also provide various solutions within risk management for their clients.
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