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(Sharecast News) - NatWest is reportedly looking to offload Cushon, the workplace pensions provider it bought only two years ago.
According to Sky News, NatWest is working with advisers on a sale of Cushon, for which it paid 144m in exchange for a controlling stake.
City sources told Sky the bank was in detailed talks with a number of potential buyers of the business.
Cushon offers workplace pension products as well as a range of workplace ISAs, including Junior ISAs, Lifetime ISAs and General Investment Accounts.
NatWest's acquisition of the business was aimed at diversifying its non-interest income by offering Cushon's products to the bank's commercial and business banking customers.
Cushon serves roughly 650,000 members across approximately 21,000 employers.
Its master trust offering has close to 3bn of assets under management and administration, with 17.4m in revenue generated from this area last year - 97% of Cushon's total revenues, Sky said.
NatWest owns an 85% stake in Cushon, with the remainder held by the subsidiary's management.
A market source told Sky that Cushon had drawn interest from a significant number of strategic players in the pensions market amid a growing push for consolidation.
A NatWest Group spokesperson told Sky: "We do not comment on speculation.
"Our focus remains on delivering for our customers."
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