NatWest Group has completed its £2.7 billion acquisition of British wealth manager Evelyn Partners. The combined entity holds £127 billion in assets under management and administration and £188 billion in customer assets and liabilities. The deal is expected to boost NatWest's fee income by about 20% before revenue synergies, with annual run-rate cost synergies of around £100 million and integration costs of about £150 million. Chris Kenny has been appointed chief executive of Evelyn Partners, reporting to NatWest Group private banking and wealth management CEO Emma Crystal. NatWest Group CEO Paul Thwaite said the merger creates the UK's leading private banking and wealth management business, serving over 20 million customers.
NatWest Group PLCNatWest completes £2.7bn acquisition of Evelyn Partners, expected to boost fee income by 20% and generate £100m annual cost synergies.
Evelyn Partners is acquired by NatWest, becoming part of a larger group with integration plans and new CEO appointed.