British lender Barclays is considering an acquisition of the wealth management firm Evelyn Partners in the UK, reported Reuters, citing three sources.
The bank is considering a bid placement next week.
Permira and Warburg Pincus, the private equity shareholders of Evelyn, have asked for submission of non-binding offers by prospective buyers on 10 December 2025.
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They started the sale process for Evelyn earlier this year, with the business potentially valued at over £2.5bn ($3.33bn), the news agency reported in July.
Other financial institutions, including NatWest Group, Lloyds, and Royal Bank of Canada, have also shown interest in acquiring Evelyn.
There is no certainty that any transaction will occur or that Barclays and the other interested parties will proceed with formal offers, the report said.
If successful, the acquisition would allow Barclays to expand its presence in the mass-affluent segment, an area below the wealthiest private clients.
In its Q3 2025 results, Barclays’ private bank and wealth management division increased assets under management by nearly 4% from the prior quarter.
Barclays private bank and wealth management CEO Sasha Wiggins said in December 2024: “For Barclays, one of the biggest longer-term opportunities lies in the affluent segment.”
Permira has been operating Evelyn, formerly known as Tilney Smith & Williamson, since 2014, supporting its expansion to manage £63bn in client assets.
In 2020, Warburg Pincus became a minority shareholder to help finance a merger between Tilney and Smith & Williamson.
The remaining shares of Evelyn are held by current and former employees.
In October this year, Barclays announced the expansion of its operations in Saudi Arabia, as part of its efforts to strengthen its presence in the Middle East.
The bank has obtained a provisional licence from the country’s Capital Market Authority (CMA) to initiate investment banking and global markets activities.
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