Sir Howard confirmed on Friday that Mr Thwaite would become Dame Alison Rose's permanent replacement. Photo: Jason Alden/Bloomberg
NatWest chairman Sir Howard Davis said he defended the appointment of an insider as the bank's new chief executive after the debanking crisis.
Sir Howard on Friday confirmed Paul Thwaite, a NatWest veteran who previously ran his commercial bank, as the permanent replacement for Ms Alison Rose.
Dam Alison left the taxpayer-owned bank last summer after revealing to a BBC journalist details of Nigel Farage's row with Coutts, the private bank owned by NatWest that ousted him and triggered the crisis.
Sir Howard said on Friday: “Paul was not involved in this matter. Before he managed a corporate bank, he was not responsible for a private bank.
«I have every confidence that he has the practical and direct approach required to bring about change within the bank where change is needed, and that is exactly what he is doing.»
Mr Thwaite, 52, a lifer at NatWest, having been with the bank for almost 30 years.
Mr Thwaite, a NatWest veteran who previously ran its commercial bank, acting director since July last year. Photo: LinkedIn
Farage, the former Ukip leader, was told in June last year that his account would be closed without much explanation.
Internal documents released by the bank showed staff accused Farage of being «xenophobic» and racist.» He was also called a «fraud».
Following his appointment on Friday, Farage said: “Whether Paul Thwaite was directly involved in my situation or not, he still represents the old guard. These are not radical changes. It's as if NatWest have said the problem has been resolved and we will carry on as if nothing has happened. It's not good enough.»
Mr Thwaite takes over at a crucial time for the bank as Chancellor Jeremy Hunt prepares to sell the bank's shares to the public in the summer.
The Government owns a 36% stake in NatWest and plans to sell its stake later this year in a «Tell Sid» style campaign echoing the Thatcher government's privatization efforts. The sale could begin as early as June.
However, Mr Farage threatened to derail the process. He said he was preparing to sue the bank over its treatment and said NatWest needed to demonstrate more fundamental changes before the shares were sold to the public.
Sir Howard declined to comment on possible legal action from Mr Farage's side. on the matter.
He said the findings of the Travers Smith review into NatWest's bankruptcy were being «actively» implemented, including some changes to the bank's «culture.»
35% of NatWest shares are owned by the taxpayer, and Chancellor Jeremy Hunt is planning a Tell Sid-style sale to retail investors as early as June.
G- Thwaite said the share sale was a government matter but he was focused on «ambitious» plans for the bank, which has 19 million customers and 580 branches.
Rick Haythornthwaite, who will succeed Sir Howard in April, is leading the search for Ms Alison's successor. Despite joining the board just six weeks ago, Mr Haythornthwaite said he began considering candidates in September.
A number of candidates were interviewed before Mr Thwaite was elected from all over the world, and the government did not take any part in this.
Mr Haythornthwaite said: “There was absolutely no pressure from the government about this. We have initiated this process according to our own timetable and best interests. Uncertainty surrounding the CEO is never good for the organization.”
Mr Thwaite will receive a base salary of £1.5 million, plus a similar amount in fixed share awards and a pension benefit.
NatWest reported a jump in annual profits on Friday, helped by higher interest rates. Operating profit before tax was £6.2 billion, up from £5.1 billion in 2022. However, profits were lower in the final three months of the year: £1.26bn, compared with £1.43bn in 2022.
Full-year profits were higher than analysts had expected and the highest for the year. the period leading up to the global financial crisis in 2007.
The company reported a slightly lower employee bonus pool of £356m, down from £367.5m in the previous 12 months.
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