Natwest Group (NWG.L): Completes acquisition of Evelyn Partners

Research evidence excerpt

Natwest Group (NWG.L): Completes acquisition of Evelyn Partners

Equity Research

1 July 2026 | 7:24AM BST

In short: NatWest has this morning announced the completion of its acquisition of Benjamin Caven-Roberts

+44(20)7552-7066 | benjamin.d.caven-

Evelyn Partners on 30 June 2026 for £2.7bn enterprise value. In line with the original roberts@gs.com

Goldman Sachs International

announcement, NatWest guides to a CET1 impact of c.130bps; this is based on the

Chris Hallam

expected capital position at 31 December 2026, pro forma for RWAs as of 1 Jan +44(20)7552-2958 |

2027 (i.e. including the Basel impact). This includes a CET1 capital deduction of chris.hallam@gs.comGoldman Sachs International

c.£2.7bn, c.£1bn of operational RWAs recognised upon completion and c.£40mn of Sofie Peterzens

transaction costs in H1 2026 and other operating expenses. NatWest will consolidate +44(20)7051-5283sofie.peterzens@gs.com|

Evelyn Partners from 30 June 2026, with further details on the impact on FY26 Goldman Sachs International

Kour Sasonguidance to be provided alongside Q2 results on 31 July 2026. Andin +1(332)245-7825 | andin.kour@gs.com

Goldman Sachs India SPL

Financials in more detail: Aligned with the original announcement, NatWest Sachin Nayar

highlights estimated annual run-rate cost synergies of approximately £100mn, with +44(20)7051-2598 | sachin.x.nayar@gs.com

costs to achieve of approximately £150mn, alongside significant revenue synergies Goldman Sachs International

— while boosting NatWest’s fee income by c.20% pre-revenue synergies. The Khushboo Mandani

+1(332)245-7978 |

company notes that this transaction creates the UK’s leading Private Banking and khushboo.mandani@gs.com

Wealth Management business, with Evelyn holding £69bn of Assets Under

Eraldo Bausano