NatWest Shares Decline After £2.7 Billion Acquisition of Major UK Wealth Manager

NatWest’s shares fell more than 4% in early trading on Monday following the bank’s announcement of a £2.7 billion ($3.7 billion) agreement to acquire Evelyn Partners, one of the United Kingdom’s largest wealth management firms. The transaction will approximately double NatWest’s assets under management, increasing the total to £127 billion from £59 billion, the bank said in a statement.

“This transaction creates the UK’s leading Private Banking and Wealth Management business, delivering the scale and capabilities needed to succeed in a market with significant growth potential,” NatWest Group CEO Paul Thwaite said in the press release. Paul Geddes, CEO of Evelyn Partners, described the deal as an “exciting new chapter” for the wealth manager.