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Natwest is set to switch its auditors from EY to PwC, according to the Financial Times.
It comes after a competitive tender process that has run since June, with the changeover set to be announced shortly. It is said the contract with PwC is likely to be worth around £400m over 10 years.
EY has been the auditor of NatWest, previously Royal Bank of Scotland, since 2016 when it took over from Deloitte. Over that period it was paid a total of £217m. It is likely to remain in place until the 2025 accounts are signed off.
In the coming months EY partners are set to vote on a proposal to spin off its consulting business. NatWest’s decision follows the London Stock Exchange Group, who switched from EY to Deloitte after news of the break-up plan became public.
