NatWest’s shares fell over 4% in early market moves on Monday after the company announced a £2.7 billion ($3.7 billion) deal to acquire one of the U.K.’s largest wealth managers, Evelyn Partners.
The deal will see NatWest double its total assets under management to £127 billion, up from £59 billion, the British bank said in a press release Monday.
“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’s CEO Paul Thwaite said in the release.
Paul Geddes, CEO of Evelyn Partners, added that the deal marks an “exciting new chapter” for the wealth manager.
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