NatWest Group is contemplating a takeover bid for one of Britain’s biggest wealth managers.
Sky News reported that the Royal Bank of Scotland owner is in the early stages of a deal with Tilney Smith & Williamson, potentially worth around £3bn.
The bank is said to be among a number of potential suitors exploring bids for the firm, which is owned by Permira and Warburg Pincus, with around £57bn of client assets under management.
The owners appointed investment bank Evercore to examine a stock market flotation, or sale of the business. The former has recently been derailed by market volatility made worse by the Russian war.
Tilney is rebranding to Evelyn later this year, with the sales process scheduled to get underway in the next six weeks, according to Sky News. Meanwhile, Bloomberg reported that Warburg Pincus could acquire Permira’s stake.
NatWest’s chief executive Alison Rose is said to be keen to expand the group’s presence in wealth management, where it already owns the private bank Coutts - which recently launched a network of offices in Edinburgh, Glasgow and Aberdeen.
The move follows the sale of Adam & Company's investment management business to Canaccord Genuity Wealth Management.
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