NatWest’s takeover of Evelyn Partners: what it means legally and what happens next
What has been announced
NatWest has agreed to buy the wealth management firm Evelyn Partners for about £2.7 billion. This means the bank intends to take control of the company by purchasing it from its current owners, including private equity investors. The deal has been announced publicly, but it is not yet complete. In large transactions like this, signing the agreement is only the beginning of a longer legal process. For now, both businesses will continue operating separately while approvals are sought and practical arrangements are made.
What an acquisition means in UK law
An acquisition is when one company obtains control of another. Control usually comes from buying enough shares to direct how the company is run. In legal terms, this involves transferring ownership rights, management authority and financial responsibility from the sellers to the buyer. UK company law allows such transactions, but they must follow strict rules designed to protect markets, employees and customers. Large deals are closely scrutinised because they can affect competition and financial stability.
Why regulators must approve the deal
Before the takeover can go ahead, regulators must examine it. Financial services firms in particular are subject to oversight because they handle people’s savings and investments. Authorities will want to ensure that the combined business will remain safe, well managed and fair to consumers. Competition regulators may also review the deal to check that it will not reduce choice or create an unfair advantage in the market. If concerns arise, conditions can be imposed or, in rare cases, the deal can be blocked entirely.
What happens to customers
Customers of Evelyn Partners will not see immediate changes. Their accounts, investments and agreements remain legally valid. However, over time the new owner may restructure services, introduce new products or integrate systems with its existing business. The law requires firms to treat customers fairly during transitions. Contracts cannot simply be ignored, and customers must be informed of significant changes. Financial regulators also monitor how firms communicate during mergers to prevent confusion or harm.
Why banks are moving into wealth management
Traditional banking relies heavily on lending, which can fluctuate with the economy. Wealth management, by contrast, generates income through fees for advice and investment management. This type of income is often more predictable. By acquiring a firm like Evelyn Partners, NatWest is attempting to broaden its business model and reduce reliance on interest from loans. From a legal perspective, this also means the bank must comply with additional regulatory frameworks that govern financial advice and asset management.
The legal process between agreement and completion
Even after an announcement, months of work usually follow. Detailed documents must be finalised, approvals secured and operational plans prepared. Lawyers for both sides oversee the transfer of shares, the handling of liabilities and the protection of confidential information. There may also be obligations relating to employees, such as consultation requirements if restructuring is planned. Until completion occurs, ownership does not change hands.
Who benefits from the deal
The sellers receive payment for the company, while the buyer gains access to new clients, expertise and revenue streams. Investors often support such deals if they believe the combined business will be stronger and more profitable. However, not all takeovers succeed in practice. Integration challenges, cultural differences and market conditions can affect outcomes. For this reason, legal agreements often include safeguards addressing what happens if certain assumptions prove incorrect.
What happens next
The immediate next stage is regulatory review. If approvals are granted, the parties will set a completion date when ownership officially transfers. After that point, NatWest will be legally responsible for the business.,Longer term, the companies will likely be integrated, though the extent and speed of this process vary. Some acquisitions preserve the acquired brand, while others fully absorb it into the parent company.
Why this matters beyond one company
Large financial mergers reflect wider changes in the industry. Banks are evolving into broader financial service providers rather than institutions focused only on deposits and loans. For consumers, this can mean more services offered under one roof but also fewer independent firms. Legally, such deals demonstrate how corporate law, financial regulation and competition policy interact to shape the economy.
The bottom line
NatWest’s planned purchase of Evelyn Partners is a major corporate transaction but not yet a finished one. It must pass regulatory checks and complete a complex legal process before becoming reality. For most customers, the effects will be gradual rather than immediate, but the deal signals a continuing shift in how large financial institutions operate in the UK.