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.

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Revolut first launched in the UK in 2015 as a money transfer and exchange service. Over the years, it has evolved into a comprehensive financial platform, amassing 13 million customers in the UK alone. The company has been operating under a restricted banking licence since 2024, which limited total customer deposits to £50,000. This restricted status was a significant step for Revolut, as it sought to establish a stronger foothold in the competitive banking sector.

Breaking Development: Full Banking Licence Granted

On March 11, 2026, Revolut announced that it has received a full banking licence from the Prudential Regulation Authority (PRA). This development allows the company to offer accounts for both retail and business customers in the UK, marking a significant milestone in its operations. The full licence enables Revolut to expand its services, including the introduction of current accounts for new customers within days.

Statements from Key Figures

Nik Storonsky, the founder and CEO of Revolut, expressed his enthusiasm regarding the new licence, stating, “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey.” He emphasized the importance of the UK market, noting, “The UK is our home market and central to our growth.”

Plans for Expansion and Job Creation

With the new banking licence, Revolut has ambitious plans for the future. The company has committed £3 billion in investment for UK expansion and aims to create 1,000 jobs in the country. Additionally, Revolut has set a target of launching a full suite of banking services and plans to expand into 30 new markets by 2030. This strategic move is expected to enhance the company’s offerings and further solidify its position in the financial services industry.

Future Services and Customer Experience

Francesca Carlesi, a key executive at Revolut, highlighted the significance of the full banking licence, stating, “Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit.” She added, “This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”

The granting of a full banking licence to Revolut marks a pivotal moment in the company’s evolution and the broader landscape of digital banking in the UK. As it prepares to roll out new services and expand its market presence, observers will be closely watching how Revolut navigates this new chapter in its growth trajectory.

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