NatWest shares are near their 52-week high in Friday trading. The Evelyn Partners deal is keeping attention on the bank’s July guidance. LONDON, July 6, 2026, 11:08 BST
- NatWest Group Plc (LON:NWG) slipped 0.53% to 679.20p as of 10:39 BST, per Google Finance. The stock was trading 3.7% off its 52-week high.
- The London Stock Exchange cash session was open, with regular trading hours for July 6 posted as 08:00 to 16:30 BST.
- NatWest wrapped up its £2.7 billion buy of Evelyn Partners last week. The bank said it will give 2026 guidance with its interim results on July 31.
- Bank of England’s review of leverage rules lands Tuesday, handing UK bank investors another dose of capital-policy risk ahead of earnings.
NatWest Group Plc (LON:NWG) edged lower in early London trading on Monday, with the stock down 0.53% at 679.20p by 10:39 BST. Shares were still strong after touching 685.60p intraday, not far from the 52-week high of 705.40p. The FTSE 100 (INDEXFTSE:UKX) was little changed, last at 10,678.87 at 10:42 BST.
The London Stock Exchange opened its doors at the stated dateline. TradingHours showed LSE hours for July 6 as 08:00 to 16:30 local, in the GMT+01:00 BST zone.
The spread between price and delivery is what holders are watching here. NatWest is trading less than 4% off its year high just a few days after wrapping up the Evelyn Partners deal. That deal boosts wealth income but also uses up capital. NatWest said July 1 it closed the £2.7 billion Evelyn purchase on June 30 and will fold Evelyn into its numbers from that date.
| London snapshot | Latest price | 1-day move | Gap to 52-week high | P/E shown | Dividend yield shown |
|---|---|---|---|---|---|
| NatWest Group Plc (LON:NWG) | 679.20p | down 0.53% | off 3.7% | 9.73 | 4.78% |
| Barclays Plc (LON:BARC) | 522.50p | up 0.04% | down 5.7% | 12.09 | 1.64% |
| Lloyds Banking Group Plc LON:LLOY | 114.90p | down 0.13% | off 0.7% | 14.96 | 3.18% |
| HSBC Holdings Plc (LON:HSBA) | 1,454.20p | up 0.22% | off 8.5% | 16.03 | 3.82% |
| FTSE 100 Index (INDEXFTSE:UKX) | 10,678.87 | flat | off 2.3% | n/a | n/a |
NatWest trades on a cheaper P/E than Lloyds, Barclays, and HSBC, based on Google Finance numbers. The stock also leads the group on yield. That valuation gap stands out. Investors have taken NatWest shares close to their highs, but the market still hasn’t fully re-rated the stock against the rest of the UK banks.
NatWest said buying Evelyn would make it the UK’s biggest private banking and wealth management firm, with combined assets under management and administration of £127 billion based on end-2025 numbers. NatWest also said the deal would boost fee income by around 20% before revenue synergies, while its CET1 ratio will fall by about 130 basis points.
| Evelyn deal item | NatWest figure | Investor read-through |
|---|---|---|
| Enterprise value | £2.7 billion | Cash use now part of capital question |
| Combined AUMA | £127 billion | Boosts scale in wealth |
| Customer assets and liabilities | £188 billion, about 20% of group CAL | Wealth carries more weight in group |
| Fee income effect | about +20% before revenue synergies | Less tied to rate income |
| Annual run-rate cost synergies | about £100 million | Management gets a delivery yardstick |
| Costs to achieve | about £150 million | Integration hits near term |
| CET1 ratio effect | about -130 bps | Balance-sheet hit is the key measure |
“Today marks an important step as we bring together two leading businesses,” NatWest CEO Paul Thwaite said in the statement on the deal closing. Evelyn Partners CEO Chris Kenny said being part of NatWest “strengthens our ability to support” clients for the long term. NatWest Group
NatWest said it will share more on how full-year 2026 guidance is affected at its interim results on July 31. The investor site lists the H1 2026 results release for 7 a.m. BST, and a management presentation set for 9 a.m. BST.
Policy is the second test. Reuters said Monday the Bank of England is looking at leverage rules, with an update set for its half-year Financial Stability Report at 0930 GMT Tuesday. Barclays has said that dropping gilts from the ratio could see UK banks buy as much as £150 billion more gilts. Lloyds analysts Karim Henide and Sam Hill called the move “politically attractive” for the Treasury. Reuters
That’s important for NatWest because the market is already looking at a capital ask from Evelyn. A less strict leverage rule wouldn’t remove the Evelyn CET1 cost, but it could shift how investors see UK banks’ balance-sheet firepower. Former BoE official David Aikman told Reuters it’s safer not to “take the batteries out of the fire alarm,” warning Tuesday’s move could hit bank shares both ways. Reuters
