NatWest to buy 85% of Cushon for £144m

The bank said the acquisition will enable it to expand into the workplace savings space.

Chief executive Alison Rose said: "By combining the scale, experience and expertise of NatWest Group with Cushon’s innovative workplace savings and pensions products, this acquisition allows us to enhance our services to commercial customers and support the financial wellbeing of their staff.

"Core to our purpose-led strategy is supporting customers at every stage of their lives, and by entering this fast-growing market we are equipping ourselves with the tools to develop a proposition which responds to our customers’ changing needs whilst delivering value-driven sustainable growth and returns."

The remaining 15% of Cushon will be retained by the company’s management.