NatWest chief exec Alison Rose steps down with immediate effect
Alison Rose is stepping down as group chief executive of NatWest Group after admitting “a serious error of judgment” in discussing Nigel Farage’s relationship with the bank with a journalist.
Alison Rose steps down as chief exec of NatWest Group
In a statement released in the early hours of this morning, the group’s board of directors says Rose has “agreed by mutual consent to step down as group chief executive with immediate effect”.
Rose’s departure from the bank, where she has spent the last three decades, is the latest development in the row between NatWest Group and Nigel Farage, the former leader of the UK Independence party.
Farage produced evidence earlier this month indicating that his account with the group’s private banking business Coutts had been closed. He claims he was “de-banked” because his political views were at odds with the bank’s core values, while the bank says it was a commercial decision.
Rose later discussed Farage’s relationship with the bank with BBC journalist Simon Jack. The broadcaster was ultimately forced to apologise to Farage for how its coverage breached his customer confidentiality.
Speaking to Sky News yesterday, Farage described Rose’s position as “totally untenable”.
“Anybody, even a junior clerk in the bank, if they breached the confidence of a customer would have to go… I don’t believe for a moment she will be there by the end of Friday,” he said.
Rose’s comments to the BBC even raised concerns among the UK government, which owns a 39% stake in NatWest Group, with the broadcaster stating that “Rishi Sunak was concerned about the unfolding situation” and that chancellor Jeremy Hunt harboured “serious reservations”.
In a statement released by NatWest, Rose admitted that she made “a serious error of judgment in discussing Mr Farage’s relationship with the bank” and that she believed the information she provided to Jack was of public knowledge.
In her latest statement following her departure, Rose says: “I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth.
“My NatWest colleagues are central to that success, and so I would like to personally thank them for all that they have done.”
Paul Thwaite, the current CEO of NatWest Group’s commercial and institutional business, has now been appointed to lead the group for an initial period of 12 months.
The group has confirmed that “a further process will take place in due course to appoint a permanent successor”.
