economy
NatWest shares fall after $3.7 billion deal to buy one of UK's largest wealth managers
NatWest's shares slid Monday after the company announced a £2.7 billion ($3.7 billion) deal to acquire one of the U.K.'s largest wealth managers.
TL;DR
- NatWest shares fell 9% following the announcement of a £2.7 billion deal to acquire Evelyn Partners.
- The acquisition will increase NatWest's assets under management from £59 billion to £127 billion.
- This move is intended to boost wealth management services and counter declining interest income.
- NatWest reportedly outbid rival Barclays for the acquisition.
- Evelyn Partners offers financial planning, investment management, and a direct-to-consumer platform.
- The deal is expected to close by summer and is subject to regulatory approvals.
- NatWest's core capital is expected to decrease by 1.3% as a result of the deal.