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 a clear indication of NatWest’s strategy to simplify operations and concentrate on its core banking and wealth management services.
NatWest Group has agreed to sell Mentor, which serves approximately 100,000 customers across the United Kingdom. The transaction is expected to complete in either the third or early fourth quarter of 2026, and all 220 Mentor employees will transfer to Empowering People Group upon completion of the sale.
Robert Begbie, a representative from NatWest, emphasized the importance of this sale, stating, “This sale marks an important step in our strategy to simplify and focus on what matters most to our customers and colleagues.” This reflects a broader trend within the organization to streamline its offerings.
Empowering People Group, backed by Limerston Capital, specializes in providing HR, legal, and health and safety services, making it a natural fit for Mentor’s existing operations. Rena Christou from Empowering People Group noted, “Mentor is a natural and complementary fit – with aligned values, proven track records and a shared commitment to high standards.” This acquisition aligns with Limerston Capital’s previous expansions, which included firms like Halborns and Learning Nexus.
In addition to this sale, NatWest has been active in reshaping its business structure. Recently, the bank agreed to acquire Evelyn Partners for $3.62 billion, which will create the largest bank-owned wealth manager in the UK with £127 billion in assets under management. This acquisition is part of a broader strategy to enhance NatWest’s wealth management capabilities.
Furthermore, NatWest has made headlines by selling its workplace pensions FinTech, Cushon, to Willis Towers Watson, showcasing its commitment to divesting non-core operations.
Paul Thwaite, the CEO of NatWest, described the acquisition of Evelyn Partners as creating the “third growth engine” for the group, indicating a focus on growth through strategic acquisitions while divesting less critical assets.
As NatWest continues to navigate these significant changes, the impact on its overall business model and customer offerings remains to be seen. The bank’s ongoing efforts to cut costs include a planned spending of £150 million and an annual cost reduction target of £100 million.
Details remain unconfirmed regarding the specific implications of these changes for existing customers of Mentor and how the referral partnership will function post-sale.