What does NatWest’s decision to sell its human resources advisory business, Mentor, to Empowering People Group signify for the bank’s future? This move indicates a clear strategy to simplify operations and concentrate on core banking and wealth management services.
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 provides HR, legal, and health and safety services.
Mentor, established in 1997, serves approximately 100,000 customers across the United Kingdom, offering essential consultancy services. Despite the sale, NatWest will maintain a referral partnership to continue offering Mentor services to its commercial mid-market and business banking clients.
This sale is part of a broader strategy under Chief Executive Paul Thwaite, who has been actively restructuring the bank. Recently, NatWest also agreed to acquire Evelyn Partners for $3.62 billion, which will create the largest bank-owned wealth manager in the country with £127 billion in assets under management.
Robert Begbie, a spokesperson for NatWest, stated, “This sale marks an important step in our strategy to simplify and focus on what matters most to our customers and colleagues.” Rena Christou from Empowering People Group echoed this sentiment, calling Mentor a “natural and complementary fit” with aligned values and a shared commitment to high standards.
In addition to the sale of Mentor, NatWest has previously sold its workplace pensions FinTech, Cushon, to Willis Towers Watson, further indicating a trend of divesting non-core operations.
As NatWest continues to streamline its business, the implications of these changes are significant. The bank aims to cut costs with a planned spending of £150 million and an annual cost reduction target of £100 million.
While the sale of Mentor is a pivotal moment for NatWest, details remain unconfirmed regarding the full impact of these strategic shifts on the bank’s overall performance and market position.