Finance
NatWest in exclusive talks to sell Cushon to Willis Towers Watson, sources said
Published by Global Banking and Finance Review
Posted on November 29, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on November 29, 2025
2 min readLast updated: January 20, 2026
NatWest is in exclusive talks to sell its 85% stake in Cushon to Willis Towers Watson, potentially valuing Cushon at over £150 million.
(Refiles with date for assets under management.)
By Amy-Jo Crowley
London -NatWest Group is in exclusive talks to sell its 85% stake in workplace pension provider Cushon to U.S. insurance broker Willis Towers Watson 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 than150 million pounds ($198.06 million), one of the people said. * The sources cautioned that there remained a chance that nodeal would be completed and asked not to be identified becausethe matter is confidential. * NatWest declined to comment on the talks, saying "ourfocus remains on delivering for our customers.”WTW did notrespond to requests for comment.Key Context:
* British lenders including NatWest, which bought Cushonunder previous CEO Alison Rose, have bought up several smallerfinancial technology firms in recent years to broaden theirproduct range, appeal to younger customers, and compete withmore nimble digital rivals. * NatWest's current CEO Paul Thwaite has since emphasisedsimplifying the bank and supporting economic growth throughmortgage and business lending. * Cushon, which has about 3 billion pounds of assets undermanagement as of January, sold a controlling stake in thebusiness 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 tomore than 650,000 members across more than 21,000 employers.($1 = 0.7573 pounds)
(Amy-Jo Crowley in London. Editing by Anousha Sakoui and Tomasz Janowski)
A pension is a retirement plan that provides income to individuals after they retire, typically funded by contributions from employers, employees, or both during their working years.
Asset management is the process of managing investments on behalf of clients, including the management of stocks, bonds, real estate, and other assets to achieve specific financial objectives.
Investment refers to the allocation of resources, usually money, in order to generate income or profit over time, often through purchasing assets like stocks, bonds, or real estate.
Financial services encompass a wide range of services provided by the finance industry, including banking, investment, insurance, and asset management, aimed at managing money and investments.
Explore more articles in the Finance category
