By Amy-Jo Crowley London -NatWest Group is in exclusive talks to sell its 85% stake in workplace pension provider Cushon to U.S. insurance broker Willis Towers Watson just two years after the British bank acquired the business, two people with knowledge of the matter said. Deal details: * If a deal goes ahead, Cushon could be […]
Business
NatWest in exclusive talks to sell Cushon to Willis Towers Watson, sources said
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By Amy-Jo Crowley
London -NatWest Group is in exclusive talks to sell its 85% stake in workplace pension provider Cushon to U.S. insurance broker Willis Towers Watson just two years after the British bank acquired the business, two people with knowledge of the matter said.
Deal details:
* If a deal goes ahead, Cushon could be valued at more than150 million pounds ($198.06 million), one of the people said. * The sources cautioned that there remained a chance that nodeal would be completed and asked not to be identified becausethe matter is confidential. * NatWest declined to comment on the talks, saying “ourfocus remains on delivering for our customers.”WTW did notrespond to requests for comment.
Key Context:
* British lenders including NatWest, which bought Cushonunder previous CEO Alison Rose, have bought up several smallerfinancial technology firms in recent years to broaden theirproduct range, appeal to younger customers, and compete withmore nimble digital rivals. * NatWest’s current CEO Paul Thwaite has since emphasisedsimplifying the bank and supporting economic growth throughmortgage and business lending. * Cushon, which has about 3 billion pounds of assets undermanagement, sold a controlling stake in the business to NatWestfor 144 million pounds in June 2023. Cushon’s managementretained a 15% stake at the time. * Cushon provides workplace pensions and savings products tomore than 650,000 members across more than 21,000 employers.
($1 = 0.7573 pounds)
(Amy-Jo Crowley in London. Editing by Anousha Sakoui and Tomasz Janowski)