NatWest Group plc
NatWest Group plc is a UK-based banking group that provides retail, commercial, private banking, and wealth management services through a network of banking and specialist financial businesses. Its activities span everyday banking, lending, deposits, payments, investment management, and advisory services for individuals, businesses, and institutions, with operations centered in the UK and selected international markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePersonal current accounts, savings, mortgages, and consumer lending for individuals and households.
Lending, deposits, and transaction services for small, mid-sized, and large businesses.
Investment management, financial planning, and advisory services for affluent and high-net-worth clients.
Funding, hedging, liquidity management, and market-facing banking services.
Payments, specialist lending, and other fee-based financial services.
Customers
NatWest Group serves retail customers, businesses, and wealth clients, with the core franchise anchored in the UK. Its lending, deposits, and payments services are used by households and companies that need everyday banking, working capital, or financing, while its wealth and private banking offerings target affluent and high-net-worth clients seeking advice and investment management.
Individuals and households buying day-to-day banking, mortgages, savings, and credit products.
Businesses buying working capital, term lending, deposits, and payments services.
Larger organizations using lending, cash management, and treasury solutions.
Affluent and high-net-worth customers buying financial planning and investment management.
Organizations using tailored financing and deposit solutions where relevant.
Strategy
NatWest Group is focused on strengthening its UK franchise while increasing the mix of fee-based, capital-light income through wealth management and advice-led businesses. The acquisition of Evelyn Partners fits that direction by expanding private banking and wealth capabilities and broadening the customer base beyond core deposit-and-lending relationships.
Wealth services generate recurring fees and diversify earnings away from lending spreads.
A higher fee share can make the franchise less sensitive to interest-rate cycles.
The core deposit and lending base remains the foundation of funding and customer reach.
Geography
NatWest Group is primarily a UK banking franchise, with most customer activity and risk exposure tied to the UK economy. It also has international and legacy cross-border exposures, including portfolio transfer activity and market-linked funding and treasury relationships that can create sensitivity to currency, rates, and geopolitical conditions.
Risks
NatWest Group is exposed to UK macroeconomic conditions, interest-rate changes, and borrower credit performance, which affect both lending demand and loss experience. Its business also depends on complex IT systems, cybersecurity, regulatory compliance, and successful execution of strategic transactions such as portfolio transfers and acquisitions.
- Credit losses and counterparty defaultImpact: HighLikelihood: High
As a bank, NatWest lends to households, businesses, and counterparties that may weaken in a downturn.
Exposure - Interest-rate and macroeconomic volatilityImpact: HighLikelihood: High
Bank earnings and customer behavior are sensitive to changes in rates, inflation, and economic activity.
Exposure - Operational, IT, and cyber resilienceImpact: HighLikelihood: High
The group depends on complex systems, data, outsourcing, and secure transaction processing.
Exposure: Core banking platforms and digital channels
- Regulatory capital, liquidity, and MREL requirementsImpact: HighLikelihood: High
Banks must hold and manage regulatory buffers that can limit distributions and strategic flexibility.
Exposure: Capital planning and funding structure
- Execution risk on acquisitions and portfolio transfersImpact: MediumLikelihood: Medium
Integration, valuation, and transfer mechanics can cause delays, cost, or loss of expected benefits.
Exposure: Evelyn Partners acquisition and EU corporate portfolio transfer
Accounting
Judgemental itemsLoan impairment allowances depend on forward-looking macro and borrower assumptions.
Impact: Can materially move profit and balance sheet provisions
The Evelyn Partners acquisition created goodwill and identifiable intangibles that must be monitored for impairment.
Impact: Could affect future earnings if assumptions weaken
Acquisition allocations and market instruments rely on valuation techniques and modelling assumptions.
Impact: Affects purchase accounting and reported asset values
Interest-rate and currency risk management can create accounting mismatches if hedge effectiveness changes.
Impact: Can add volatility to reported results
Capital planning and prudential calculations influence distributions and management actions.
Impact: Affects flexibility to pay dividends or grow the balance sheet
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Last updated: 28/09/2026