REFILE-NatWest in exclusive talks to sell Cushon to Willis Towers Watson, sources said

By Amy-Jo Crowley

London, Nov 28 - NatWest Group NWG.L is in exclusive talks to sell its 85% stake in workplace pension provider Cushon to U.S. insurance broker Willis Towers Watson WTW.O just two years after the British bank acquired the business, two people with knowledge of the matter said.

Deal details:

• If a deal goes ahead, Cushon could be valued at more than 150 million pounds ($198.06 million), one of the people said.

• The sources cautioned that there remained a chance that no deal would be completed and asked not to be identified because the matter is confidential.

• NatWest declined to comment on the talks, saying "our focus remains on delivering for our customers.”
  WTW did not respond to requests for comment.

Key Context:

• British lenders including NatWest, which bought Cushon under previous CEO Alison Rose, have bought up several smaller financial technology firms in recent years to broaden their product range, appeal to younger customers, and compete with more nimble digital rivals.

• NatWest's current CEO Paul Thwaite has since emphasised simplifying the bank and supporting economic growth through mortgage and business lending.

• Cushon, which has about 3 billion pounds of assets under management as of January, sold a controlling stake in the business to NatWest for 144 million pounds in June 2023. Cushon’s management retained a 15% stake at the time.

• Cushon provides workplace pensions and savings products to more than 650,000 members across more than 21,000 employers.

($1 = 0.7573 pounds)