NatWest Group is reportedly in discussions to sell pension fintech Cushon as part of its bank-wide simplification efforts under chief executive Paul Thwaite. The UK bank is engaged in advanced negotiations with several potential buyers and has attracted significant interest from established players in the pensions sector, according to Sky News, citing sources familiar with the matter.
NatWest acquired an 85% stake in Cushon in June 2023 for £144 million, with Cushon’s management team retaining the remaining 15% ownership. Led by founder and CEO Ben Pollard, Cushon provides workplace pensions, savings, and financial wellbeing services, including a lifetime ISA, junior ISA, workplace ISA, and general investment account.
Since its inception in 2014, the company has grown to serve around 650,000 members across approximately 21,000 employers. Cushon’s master trust business manages £2.9 billion in assets and generated £17.4 million in revenue in 2024, accounting for 97% of the company’s total revenue last year.
This reported potential divestment comes hot on the heels of NatWest’s recent sale of its remaining 11.7% stake in Irish retail and small business bank Permanent TSB (PTSB) for approximately €126 million (roughly £110 million) in July. NatWest initially acquired a 16.66% share in PTSB in November 2022 before reducing its position through the sale of 27.3 million ordinary shares in June 2023.
When contacted by FinTech Futures regarding the Cushon reports, a NatWest spokesperson stated: “We do not comment on speculation. Our focus remains on delivering for our customers.”
Source: https://www.fintechfutures.com/
