NatWest Acquires Evelyn Partners for £2.7B, Largest Deal in Nearly 20 Years (LLOYDS)

NatWest announced the acquisition of Evelyn Partners for £2.7 billion, its largest deal in nearly 20 years, effective February 9, 2026. The FTSE 100 bank will bolster wealth management services for its 20 million customers and expand fee-driven income. Evelyn, formed in 2020 from the merger of Tilney and Smith & Williamson, has £63 billion in assets under management and 156,000 clients. The deal is expected to increase NatWest’s AUM to £127 billion, add about £100 million in immediate cost savings and £150 million over time, and lift fee income by roughly 20%. It also enhances competition with Lloyds and complements its Coutts wealth management platform.