Skip to main content
Search

NatWest's deal for Sainsbury's Bank may be modest but provides long-term potential

Date: 20 June 2024

1 minute read

20 June 2024

If you are covering the news that NatWest is to acquire Sainsbury’s Bank, please find below a comment from Will Howlett, financials analyst at Quilter Cheviot:

“In the landscape of UK banking, NatWest’s acquisition of Sainsbury’s banking division is a modest one, with Sainsbury’s holding approximately £2.5 billion in assets compared to NatWest’s near £700 billion. However, it’s the strategic implications that are of interest here.

“This move is indicative of the ongoing consolidation trend within the banking sector, which we have been anticipating. The acquisition allows NatWest to diversify its offerings and tap into Sainsbury’s established customer base, potentially leading to a more integrated financial services model within the retail space.

“While the scale may be small relative to NatWest’s existing operations, the long-term potential for cross-selling and deepening customer relationships could be significant.”

Gregor Davidson

Senior External Communications Manager
+44 (0)7917 522784

Notes to Editors

Notes to Editors:

About Quilter plc

Quilter plc is a leading wealth management business, helping to create brighter financial futures for every generation.

Quilter plc oversees £157.4 billion in customer investments (as at 30 June 2026).

It has an adviser and customer offering spanning financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.

The business is comprised of two branded segments: Quilter and Quilter Cheviot.

Quilter encompasses the financial advice network and national, Quilter's investment platform and multi-asset solutions and Quilter Invest, the digital savings and investment app.

Quilter Cheviot is a discretionary fund management and financial planning business.

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Senator House, 85 Queen Victoria Street, London, EC4V 4AB, United Kingdom. Registered number: 6404270.  Registered in England.

PRIVACY INFORMATION
We hold your name, email address, job role and the name of your publication on our Press Distribution List and use this information to send you press releases which we believe will be of interest to you. You can stop receiving emails from us at any time by emailing us at: pressoffice@quilter.com and asking us to remove you from the Distribution List.

Related Articles

Quilter Cheviot adds to Dubai and Jersey offices to support international clients

3 minute read

Quilter Cheviot has today announced it has appointed Jack Herbert as Head of Business Development EMEA, based in Dubai, and Laura Gibson as Relationship Director, based in Jersey, to support the international business.

Published 4 days ago

Government tax take climbs ever higher as Healey’s first budget nears

3 minute read

If you are covering the latest HMRC tax receipts and national insurance contributions data, please see the following comment from Shaun Moore, tax and financial planning expert at Quilter:

Published 4 days ago