Banking heavyweight NatWest is in the early stages of studying a bid for wealth management firm Quilter, according to a report in the Mail on Sunday.
City sources told the Mail on Sunday that a number of private equity firms had also shown interest in Quilter recently.
It is claimed that CVC, Bain Capital and BC Partners are all among the firms that have shown an interest in the FTSE250 group.
Now NatWest has joined the pack and is said to be eyeing the £1.4bn valued group as it looks to grow its wealth management business.
In June, NatWest chief executive Alison Rose said the bank had ‘significant excess capital’ and would consider mergers and acquisitions that can drive ‘compelling shareholder value’.
And in October last year, the bank bought children’s savings app Rooster Money. Earlier this year, it was said to be interested in buying wealth management firm Tilney Smith & Williamson – now called Evelyn Partners.
The Mail On Sunday also reports that NatWest is understood to have considered targeting other financial services firms, alongside Quilter. However, it is not clear how advanced plans are at present.Â
