London, Feb 5, 2026, 08:51 GMT — Regular session
- NatWest shares slipped during early London trade following a volatile start.
- Fresh headlines on pensions, social housing lending, and a potential wealth deal are on investors’ radar.
- Later today brings the Bank of England’s rate decision, while NatWest’s annual results are set for next week.
NatWest Group (NWG.L) shares slipped 0.2% to 690.4 pence by 0830 GMT, after hitting a low of 676.4 pence earlier in the session. (Share Prices)
The stock is moving ahead of a hectic period for UK lenders, as rates take center stage and deal chatter begins to resurface.
NatWest will release its annual results at 0700 GMT on Feb. 13, revealing guidance for 2026 along with fresh targets for 2028. (NatWest Group Investors)
Sky News reported Wednesday that NatWest and Barclays are set to put forward formal bids for wealth manager Evelyn Partners on Thursday, with offers expected to exceed £2 billion. Evelyn manages roughly £65 billion in assets, according to Sky. (Sky News)
NatWest’s potential push into Evelyn signals a deeper dive into wealth fees, building on its existing presence with Coutts. But bigger deals come with tougher scrutiny over capital and discipline.
Investors are keeping an eye on the balance-sheet situation following a Reuters report on Tuesday that NatWest and Santander are considering selling several billion pounds of UK pension assets to an insurer, according to Bloomberg News. Both banks have declined to comment. (Reuters)
NatWest announced on Wednesday a £10 billion funding package for the UK social housing sector, set to run through 2028. The bank also revealed it met a previous £7.5 billion lending target a full year ahead of schedule. (Reuters)
The bank keeps handing back cash. A U.S. regulatory filing from Feb. 4 revealed NatWest bought back 765,496 shares on the London Stock Exchange at a volume-weighted average price of 697.74 pence — a trade-size-weighted average — with plans to cancel them. (SEC)
Rates continue to steer daily moves. The Bank of England is set to keep the Bank Rate steady at 3.75% this Thursday, with the decision scheduled for 1200 GMT and a press briefing following at 1230 GMT. James Mashiter, fixed-income portfolio manager at SEI, noted, “Despite sluggish growth and a weakening labour market, the BoE will want further evidence that inflation is falling towards its 2% target.” (Reuters)
For banks, rate moves directly impact margins — the spread between loan income and deposit costs — and influence how investors price earnings that could top out once cuts begin.
However, the situation could flip. If the BoE adopts a hawkish stance, it might delay rate-cut bets further. Meanwhile, a costly Evelyn deal—or a pension transfer carrying a larger upfront price tag—could reignite concerns over NatWest’s capital returns this year.
Next up, the BoE decision hits at midday. Keep an ear out for any buzz around the Evelyn Partners bid deadline. Then, all eyes will turn to NatWest’s annual results on Feb. 13 for fresh guidance, targets, and insight on shareholder returns.
