According to reports, NatWest is reportedly in exclusive discussions with Willis Towers Watson concerning the sale of its majority stake in Cushon, a workplace pension provider. These negotiations follow about two years since NatWest acquired its controlling share in the business.

The potential transaction could value Cushon above GBP 150 million, according to insiders cited by Reuters; however, there’s no guarantee that any deal will be finalized. Neither NatWest nor Willis Towers Watson has commented on the ongoing talks publicly. Those providing information have chosen to remain anonymous due to the confidential nature of the negotiations.

Strategic Realignment Among UK Lenders

The possible sale of Cushon underscores broader strategic realignments among UK banks, where institutions like NatWest have been acquiring fintech firms to expand their service offerings and attract tech-savvy customers. In mid-2023, NatWest bought 85% of Cushon for GBP 144 million, while the company’s leadership retained a 15% stake.

Recently, NatWest officials have emphasized their focus on streamlining operations and concentrating resources on mortgage lending and commercial support. This renewed strategic direction has sparked speculation that non-core assets, including those acquired during Cushon’s integration into workplace savings and pensions, might be reviewed for potential divestment.

Cushon currently manages approximately GBP 3 billion in assets under management. Its pension and savings products are offered to over 21,000 employers with a membership of more than 650,000 individuals.