NatWest shares fall 4% after $3.7 billion deal to buy one of UK's largest wealth managers

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NatWest’s

shares fell over 4% in early market moves on Monday after the company announced a £2.7 billion ($3.7 billion) deal to acquire one of the U.K.’s largest wealth managers, Evelyn Partners.

The deal will see NatWest double its total assets under management to £127 billion, up from £59 billion, the British bank said in a press release Monday.

“This transaction creates the UK’s leading Private Banking and Wealth Management business, delivering the scale and capabilities needed to succeed in a market with significant growth potential,” NatWest Group’s CEO Paul Thwaite said in the release.