LONDON, July 4, 2026, 14:05 BST
- London trading was shut on Saturday; NatWest’s Friday close of 682.80p left the stock up 4.02% for the week.
- Friday’s close was about 16% above the latest disclosed June 10 LSE buyback VWAP, while the Evelyn deal will cut CET1 by about 130 basis points.
- NatWest says July 31 interim results will give more detail on the Evelyn impact on full-year 2026 guidance.
London’s stock market was closed on Saturday, leaving Friday’s close as the latest price. NatWest Group Plc (LON:NWG) ended July 3 at 682.80p, up 0.62% on the day and 4.02% over the week. The FTSE 100 (INDEXFTSE:UKX) closed at 10,679.03, up 1.63% from June 26; Reuters said financial stocks led Friday’s gains.
On weekly closes, NatWest beat Barclays PLC (LON:BARC) and the index, but trailed Lloyds Banking Group plc (LON:LLOY). The moves are based on June 26 and July 3 closes from Investing.com data.
| Security | June 26 close | July 3 close | Week move |
|---|---|---|---|
| NatWest Group (LON:NWG) | 656.40p | 682.80p | +4.02% |
| Lloyds Banking Group (LON:LLOY) | 109.20p | 115.05p | +5.36% |
| Barclays (LON:BARC) | 510.70p | 522.30p | +2.27% |
| FTSE 100 (INDEXFTSE:UKX) | 10,508.02 | 10,679.03 | +1.63% |
The sharper number for NatWest holders is the gap between the share price and the bank’s own buyback levels. In a June 12 filing, NatWest disclosed June 10 LSE buyback trades at a 588.9325p volume-weighted average price. Friday’s close was 15.9% above that. The bank said it intended to cancel the repurchased shares.
That gap does not pay for Evelyn Partners, but it matters. NatWest is shrinking share count below the current market price while absorbing a deal that uses capital. The bank said the £2.7 billion acquisition completed on June 30 and would cut its CET1 ratio by about 130 basis points, including a roughly £2.7 billion CET1 capital deduction, about £1 billion of operational risk-weighted assets and about £40 million of H1 transaction costs.
NatWest’s deal case rests on fee income and scale. At end-2025, Evelyn had £69 billion of assets under management and administration, against NatWest’s £59 billion. NatWest said the combined business would have had £127 billion of AUMA and £188 billion of customer assets and liabilities, about 20% of group CAL. It also said the deal would increase fee income by about 20% before revenue synergies.
| Evelyn deal metric | NatWest figure | Investor read |
|---|---|---|
| Enterprise value | £2.7 bln | Upfront cost |
| Combined AUMA | £127 bln | Larger fee base |
| Combined CAL | £188 bln | About 20% of group CAL |
| Fee income effect | c.+20% | Less dependence on rate income |
| Run-rate cost synergies | c.£100 mln | Measured against c.£150 mln costs |
| CET1 effect | c.-130 bps | Capital return test |
Chief Executive Paul Thwaite said the combined unit made NatWest “the UK’s leading Private Banking and Wealth Management business.” Evelyn CEO Chris Kenny called completion a “significant milestone.” NatWest Group
NatWest came into the transaction with a 14.3% CET1 ratio at March 31, up about 30 basis points in Q1, and tangible net asset value of 400p a share. Q1 net interest margin rose 2 basis points to 2.47%; loans excluding central items rose £7.2 billion to £396.4 billion, while deposits rose £3.1 billion to £444.8 billion.
The wealth unit was already high-return before Evelyn. Private Banking & Wealth Management reported £94 million of Q1 operating profit, a 21.1% return on equity and £56.7 billion of AUMA at March 31. Using NatWest’s end-2025 deal figures, Evelyn’s AUMA was larger than NatWest’s own PBWM AUMA at that date.
The bank bid also had help from broader UK market tone. Reuters said softer-than-expected U.S. jobs data on July 2 reduced near-term Federal Reserve rate-hike expectations and pushed the FTSE 100 to an over two-month high; on Friday, the index added to that move as financials supported the weekly gain.
The domestic data were less clean. The UK composite PMI fell to 49.3 in June from 49.7 in May, and Thomas Pugh, chief economist at RSM UK, said it suggested the economy had “stagnated across Q2.” The Guardian
The dated marker for shareholders is July 31. NatWest says it will release H1 results at 0700 BST, with a management presentation at 0900 BST, and will give more detail at the interim results on the Evelyn impact on full-year 2026 guidance.
