1st Aug 2022 09:15
(Alliance News) - NatWest Group PLC is contemplating making an offer for London- and Johannesburg-listed Quilter PLC, the Daily Mail reported on Saturday.
According to the newspaper, there a slew of private equity firms also are eyeing up the London-based wealth manager - with CVC Capital Partners, Bain Capital and BC Partners tipped to kick the tyres on a potential deal for Quilter.
NatWest is looking to add its current wealth management offering, which already includes private bankers Coutts.
https://www.thisismoney.co.uk/money/markets/article-11064495/NatWest-weighing-swoop-wealth-management-firm-Quilter.html
Quilter was trading 14% higher in London on Monday morning at 119.85 pence and was 15% higher in Johannesburg at ZAR24.20. The FTSE 250 company has a market capitalisation of about GBP1.7 billion.
NatWest rose 1.8% to 253.10 pence.
Last Friday, NatWest reported a "strong" performance for the first half of 2022 against a beneficial backdrop of rising UK interest rates, as it anticipates an increase in the base rate to 2.0% by the end of the year.
The lender remains 48% owned by UK taxpayers after a government bailout during the financial crisis more than a decade ago.
By Paul McGowan; [email protected]
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