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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
July, 2026
Commission File Number 001-10306
NatWest Group plc
250 Bishopsgate,
London, EC2M 4AA
United Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
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Form 20-F ☒
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Form 40-F ☐
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The
following information was issued as Company announcements in
London, England and is furnished pursuant to General Instruction B
to the General Instructions to Form 6-K:
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1 July 2026
NatWest Group announces the completion of the acquisition of Evelyn
Partners
NatWest Group plc ("NatWest Group" or "Group") is pleased to
announce that the acquisition of Evelyn Partners for £2.7
billion enterprise value (the "Transaction") completed on 30
June 2026.
The Transaction creates the UK's leading Private Banking
and Wealth Management ("PBWM") business. At the end of 2025, Evelyn
Partners had £69 billion of Assets Under Management and
Administration ("AUMA") which, combined with NatWest Group's
£59 billion at that date, would have brought total AUMA to
£127 billion and total Customer Assets and Liabilities ("CAL")
to £188 billion, or c.20% of Group CAL.
It transforms NatWest Group's financial planning and investment
management capabilities and accelerates the Group's strategy,
increasing fee income by c.20% pre-revenue synergies, and boosting
exposure to the structurally higher growth UK wealth market,
driving higher returns.
Commenting on the completion of the acquisition, NatWest Group CEO,
Paul Thwaite, said
"Today marks an important step as we bring together two leading
businesses and accelerate the delivery of our strategy, at a time
when the benefits of saving and investing are increasingly part of
the national conversation.
"This is a unique opportunity for the Group, delivering
unmatched scale and capabilities in a market with considerable
growth potential. Our new colleagues at Evelyn Partners bring with
them long-standing, trusted client relationships and
industry-leading expertise in financial planning and investment
management.
"Together, we are now the UK's leading Private Banking and Wealth
Management business. As a result, we will offer a broader range of
products, services and advice to over 20 million customers, helping
them to make more of their money and invest with confidence. This
will help us drive further growth
and investment across the economy, as well as delivering higher
returns to shareholders."
Chris Kenny, CEO of Evelyn Partners, commented:
"I am delighted that we have reached this significant milestone for
Evelyn Partners and, most importantly, for our clients. Becoming
part of NatWest Group strengthens our ability to support them over
the long term, while preserving the personal relationships, trusted
advice and investment expertise that they value from Evelyn
Partners. This is an exciting opportunity for our people to build
on what we do best, combining our strengths with those of our new
colleagues at NatWest Group to deliver even greater value for
clients, both now and in the years ahead."
Emma Crystal, CEO of Private Banking & Wealth Management at
NatWest Group, added:
"This is a pivotal moment for our combined business, bringing
complementary capabilities and scale to the expertise and service
that we offer our clients. We look forward to working alongside our
new colleagues, putting financial planning and investment
management in the hands of more people, right across the UK,
whether they are experienced investors or taking their first steps
to build their financial futures."
NatWest Group expects the combination to create material
shareholder value, including estimated annual run-rate cost
synergies of approximately £100 million, with costs to achieve
of approximately £150 million. The Group also expects to
deliver significant revenue synergies by combining Evelyn Partners'
financial planning and investment management capabilities,
including the Bestinvest platform, with NatWest Group's banking,
savings and wealth management services. The transaction is expected
to be accretive to NatWest Group's growth and Return on Tangible
Equity in the first year of ownership.
As the integration progresses, the Group is committed to ensuring a
seamless experience for customers and clients of the combined
business, enabling access to a wider range of products, services
and channels. There are no immediate changes to the service
customers and clients receive, and no action is required. We look
forward to engaging further as the integration
progresses.
Additional information
●
NatWest
Group will consolidate Evelyn Partners from 30 June 2026. More
details about the impact on Group Full Year 2026 guidance will be
given at the 2026 Interim Results on 31 July 2026.
●
As previously announced, the Transaction is
expected to reduce NatWest Group's CET1 ratio by c.130 basis
points, based on the expected capital position at 31 December 2026,
proforma for Risk-Weighted Assets on 1 January
2027. This
includes a CET1 capital deduction of c.£2.7
billion1,
operational Risk Weighted Assets of c.£1 billion recognised
upon completion and c.£40 million of transaction costs,
included in H1 2026 Other operating expenses.
●
On
1 June 2026, it was announced by Evelyn Partners that Chris Kenny
had been appointed CEO of Evelyn Partners with effect from the
completion of the Transaction, reporting to Emma
Crystal.
1. The CET1 capital deduction relates to the recognition of
goodwill and intangible assets and is subject to finalisation of
the purchase price allocation under IFRS 3.
Investor Relations
Claire Kane
Director of Investor Relations, NatWest Group
+44 (0) 20 7672 1758
Media Relations
+44 (0) 7557 316 540
Legal Entity Identifiers
NatWest Group plc: 2138005O9XJIJN4JPN90
National Westminster Bank plc: 213800IBT39XQ9C4CP71
Caution about forward-looking statements
This document contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, such as statements with respect to NatWest Group's
financial condition, results of operations and business, including
its strategic priorities, financial, investment and capital
targets, and climate and sustainability-related targets,
commitments and ambitions described herein. Statements that are not
historical facts, including statements about NatWest Group's
beliefs and expectations, are forward-looking statements. Words,
such as 'expect', 'estimate', 'project', 'anticipate', 'commit',
'believe', 'should', 'intend', 'will', 'plan', 'could', 'target',
'goal', 'objective', 'may', 'outlook', 'prospects' and similar
expressions or variations on these expressions are intended to
identify forward-looking statements. In particular, this document
may include forward-looking statements relating , but not limited
to: NatWest Group's outlook, guidance and targets (including in
relation to RoTE, total income, other operating expenses, loan
impairment rate, capital generation pre-distributions, customer
assets and liabilities growth rate, cost-income ratio, CET1 ratio,
RWA levels and payment of dividends), its financial position,
profitability and financial performance, the implementation of its
strategy, its access to adequate sources of liquidity and funding,
its regulatory capital position and related requirements, its
impairment losses and credit exposures under certain specified
scenarios, substantial regulation and oversight, ongoing legal,
regulatory and governmental actions and investigations.
Forward-looking statements are subject to a number of risks and
uncertainties that might cause actual results and performance to
differ materially from any expected future results or performance
expressed or implied by the forward-looking statements. Factors
that could cause or contribute to differences in current
expectations include, but are not limited to, future growth
initiatives (including acquisitions, joint ventures and strategic
partnerships), the outcome of legal, regulatory and governmental
actions and investigations, the level and extent of future
impairments and write-downs, legislative, political, fiscal and
regulatory developments, accounting standards, competitive
conditions, technological developments such as artificial
intelligence, interest and exchange rate fluctuations, general
economic and political conditions and uncertainties, exposure to
third party risk, operational risk, conduct risk, cyber, data and
IT risk, financial crime risk, key person risk and credit rating
risk and the impact of climate and sustainability-related risks and
the transitioning to a net zero economy. These and other factors,
risks and uncertainties that may impact any forward-looking
statement or NatWest Group plc's actual results are discussed in
NatWest Group plc's 2025 Annual Report and Accounts on Form 20-F,
NatWest Group's Interim Management Statement for Q1 2026, and its
other public filings. The forward-looking statements contained in
this document speak only as of the date of this document and
NatWest Group plc does not assume or undertake any obligation or
responsibility to update any of the forward-looking statements
contained in this document, whether as a result of new information,
future events or otherwise, except to the extent legally
required.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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NatWest Group plc
(Registrant)
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Date:
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01 July
2026
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By:
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/s/
Mark Stevens
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Name:
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Mark
Stevens
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Title:
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Assistant
Secretary
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