NatWest Group is a UK-focused retail and commercial bank that serves over 20 million customers. Its core business is taking deposits and lending them out as mortgages, personal loans, credit cards, and corporate loans, earning the spread between deposit costs and lending rates. Net interest income represents roughly 77% of total income, with the remainder from fees, commissions, and trading income. NatWest operates through three segments: Retail Banking (mortgages, current accounts, credit cards), Commercial & Institutional (SME and corporate lending, FX, capital markets, and trade finance), and Private Banking & Wealth Management (high-net-worth banking and investment management under the Coutts brand). A key income driver is NatWest's structural hedge — a large pool of stable customer deposits invested in fixed-rate instruments to reduce earnings volatility. As low-rate hedges roll off and are reinvested at higher rates, this creates a multiyear tailwind to income. NatWest is also actively expanding its wealth management business; in early 2026 it announced the acquisition of Evelyn Partners, which would add roughly £69B in assets under management and more than double the scale of its wealth segment. NatWest distributes products through digital channels, branches, and relationship managers, with very limited international activity. The bank targets above-4% annual lending growth, a cost-to-income ratio below 45%, and a return on tangible equity above 18% by 2028.