Revitalised NatWest weighs £3bn for wealth management giant | Business News
NatWest Group is contemplating an audacious takeover bid for one of Britain’s biggest wealth managers in a move that would represent its biggest corporate acquisition since it was rescued by taxpayers nearly 15 years ago.
Sky News has learnt that NatWest is in the early stages of considering an offer for Tilney Smith & Williamson, which is being put up for sale by its private equity backers.
City sources said that the high street lender, which remains under minority state ownership, was among a substantial number of banks and financial investors which were likely to explore bids for Tilney.
The wealth manager, which manages more than £57bn for clients, is owned by Permira and Warburg Pincus, the buyout firms.
It is expected to fetch between £2.5bn and £3bn from a sale.
The two owners appointed investment bankers at Evercore to examine a sale or stock market flotation of the business, although the latter option…
