What does NatWest’s recent decision to sell its human resources advisory business, Mentor, to Empowering People Group signify for the bank’s future? This move is part of NatWest’s broader strategy to simplify its operations and focus on core banking and wealth management.
NatWest Group has confirmed that the transaction is expected to complete in either the third or early fourth quarter of 2026. Upon completion, all 220 Mentor employees will transfer to Empowering People Group, which is backed by Limerston Capital and specializes in HR, legal, and health and safety services.
Mentor, established in 1997, serves approximately 100,000 customers across the United Kingdom, providing essential employment law, health and safety, and environmental consultancy services to small and medium-sized enterprises.
As part of the sale, NatWest will maintain a referral partnership to continue offering Mentor services to its commercial mid-market and business banking clients. This arrangement allows NatWest to retain a connection to Mentor’s offerings while streamlining its focus.
Robert Begbie, a representative of NatWest, stated, “This sale marks an important step in our strategy to simplify and focus on what matters most to our customers and colleagues.” Meanwhile, Rena Christou from Empowering People Group emphasized that Mentor is a “natural and complementary fit” for their organization.
This sale follows NatWest’s recent acquisition of Evelyn Partners for $3.62 billion, which is set to create the largest bank-owned wealth manager in the UK, with £127 billion in assets under management. Such strategic maneuvers highlight the ongoing efforts by NatWest’s chief executive, Paul Thwaite, to tidy up the bank’s structure.
Thwaite described the acquisition of Evelyn Partners as creating the “third growth engine” for the group, indicating a significant pivot towards wealth management services.
Additionally, NatWest previously sold its workplace pensions FinTech, Cushon, to Willis Towers Watson, further illustrating its commitment to refining its business model.
As NatWest continues to navigate these changes, the implications for its overall strategy and market position remain to be fully understood. Details remain unconfirmed regarding any further structural adjustments that may arise from this sale.
