London, Feb 12, 2026, 07:55 (GMT) — Premarket
- On Wednesday, NatWest shares finished at 610.6 pence, marking a 0.9% increase.
- The bank announced it plans to redeem $1 billion worth of senior callable notes on March 2.
- Annual results drop Friday, with all eyes on guidance and capital returns.
NatWest Group announced it will redeem its entire $1 billion 5.847% senior callable notes maturing in 2027 on March 2, offering holders full principal plus any accrued interest. This update comes just before the bank’s annual results release the following day. (Londonstockexchange)
This is crucial since investors are scrambling to factor in a major strategic shift in wealth management and its impact on capital. NatWest’s shares have swung sharply this week as the market absorbs the deal and anticipates the upcoming figures.
Friday’s report is where management needs to connect the dots — profits, the buyback, and the amount of balance sheet the bank plans to reserve for deals. For a lender, the tone on capital can shift the stock just as much as the headline earnings.
NatWest shares closed Wednesday at 610.6 pence, rising 0.9% after slipping 2.4% the day before. On Monday, they took a bigger hit, dropping almost 6%. (Investing)
A regulatory filing revealed the bank repurchased 857,224 shares on Wednesday at a volume-weighted average price of 605.91 pence, with transactions carried out on the London Stock Exchange. NatWest confirmed it intends to cancel the shares it bought back. (TradingView)
NatWest is set to publish its annual results at 7 a.m. GMT this Friday, followed by a management presentation two hours later at 9 a.m., per its investor calendar. (Natwestgroup)
NatWest struck a major deal on Monday, agreeing to acquire wealth manager Evelyn Partners for £2.7 billion ($3.68 billion), debt included. The bank projects around £100 million in annual cost savings from the deal. It also flagged that the acquisition will slash its core equity tier 1 ratio — a key capital strength metric — by roughly 130 basis points, or 1.3 percentage points, and announced a £750 million share buyback. RBC Capital Markets analyst Benjamin Toms said he was “somewhat surprised” NatWest clinched the auction but called the deal “transformational.” Meanwhile, Jefferies noted the valuation might weigh on earnings per share compared to the no-deal scenario through 2028. (Reuters)
Investors tuning in to NatWest’s report will focus on how fast Evelyn is expected to boost fee income and whether costs improve in year one. Another key point will be the speed of the buyback and any adjustments to the bank’s capital targets following its sizable cash acquisition.
Still, plenty can go wrong. Wealth deals often take longer to settle than bankers claim, and cost savings aren’t a sure thing. Any misstep or a weaker UK credit environment could squeeze returns and keep the shares under pressure.
