NatWest considering bid for Quilter

NatWest is in the early stages of considering a bid for wealth management firm Quilter, according to reports.

City sources apparently told This Is Money that private equity firms such as CVC, Bain Capital and BC Partners have also shown interest in the FTSE250 group in recent weeks.

Quilter is worth £1.4 billion. It is said to be one of many wealth management companies that lack the scale and investments to compete with the big players and banks.

The wealth management firm’s share price soared this morning (August 1) on speculation.

Source: London Stock Exchange

In April, Sky News reported that NatWest was considering a takeover bid for Tilney Smith & Williamson – now called Evelyn Partners.

Evelyn Partners’ private equity backers are Permira and Warburg Pincus have stakes in the business that could be sold for between £2.5bn and £3bn.

He owns Coutts, whose clients include the Queen, members of the aristocracy, and wealthy city professionals.

The banking giant published its results for the first half of the year on Friday July 29.

It reported pre-tax profits of £2.6bn and returned £2.1bn to shareholders.

Total revenue was £404m, 18.8%, higher than the first half of 2021.

The group said this reflects higher deposit income, supported by recent base rate hikes, combined with strong growth in mortgage balances, higher unsecured balances and higher transaction fee income.

It was partially offset by lower mortgage margins.

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