NatWest Group Plc has agreed to acquire 85% of Cushon, the workplace savings and pensions financial technology company.
(Bloomberg) — NatWest Group Plc has agreed to acquire 85% of Cushon, the workplace savings and pensions financial technology company.
The British lender will pay £144 million ($174 million) for the majority stake, according to a press release Monday. The intended deal is subject to regulatory approval and is expected to occur later in 2023.
Cushon’s offering, which delivers pensions and savings products to clients’ employees through an app, will initially be offered to NatWest’s mid-market commercial customers.
The deal is one of the largest acquisitions by NatWest since its 2008 state bailout. The UK still owns 44% of the bank, which reports fourth-quarter results on Friday.
Read More: UK Banks’ Fortunes Hinge on Economic Pressure, Savings Rates
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.