NatWest to Buy UK Wealth Manager Evelyn in £2.7 Billion Deal

NatWest Group Plc agreed to buy wealth manager Evelyn Partners, as the British bank looks to increase its access to affluent clients in its home market.

Edinburgh-based NatWest will purchase Evelyn for £2.7 billion ($3.7 billion), including debt, according to a statement on Monday, making it the largest private equity-backed wealth management exit in UK history. Evelyn has been owned by buyout firm Permira for over a decade, with Warburg Pincus becoming a minority investor in 2020.