Natwest is reportedly in the early stages of considering making an offer to take over Tilney Smith & Williamson (TS&W) – which is going to rebrand to Evelyn Partners later this year.
According to Sky News, if the deal goes ahead, the acquisition would be the bank’s biggest since it was rescued by taxpayers nearly 15 years ago.
The potential offer and £3bn price tag could prove contentious, however, as it was only last month that the UK government stopped being a majority shareholder in Natwest.
On 28 March, the government confirmed it had sold roughly 550 million shares back to the bank, worth around £1.2bn, taking its stake from 50.6% to 48.1%.
Several buyers vying for the firm
The reports follow the news that TS&W private equity backers Warburg Pincus and Permira were looking to exit their investment 18 months after the merger between Tilney and Smith & Williamson.
Warburg Pincus then decided to look at taking full control of the wealth group, just a couple of weeks after the disinvestment rumours.
The potential sale of TS&W is expected to raise between £2.5bn and £3bn, according to Sky News, and it is believed to attract several potential buyers.
NatWest declined to comment on the rumours, whereas TS&W did not reply in time for publication.
This article first appeared on our sister publication International Adviser.
