NatWest Group Plc Chairman Howard Davies intends to stay in the role to ensure the bank remains stable during the row over Nigel Farage’s account with Coutts.
(Bloomberg) — NatWest Group Plc Chairman Howard Davies intends to stay in the role to ensure the bank remains stable during the row over Nigel Farage’s account with Coutts.
Davies told journalists on Friday that NatWest had the support of the UK government — which is the bank’s biggest shareholder — as well as regulators. “I think it’s important that we have some stability here in the bank and we continue our progress,” he said.
“I clearly regret the way things have turned out. We’ve lost a great leader as a result. But we now have to move forward,” Davies said.
This week has seen the resignation of NatWest Chief Executive Officer Alison Rose and Coutts CEO Peter Flavel over the dispute involving Brexit campaigner Farage. Prime Minister Rishi Sunak offered lukewarm backing to Davies on Thursday, having pushed for Rose to leave earlier in the week. Farage has called for Davies and the rest of the board to quit.
Paul Thwaite, the interim CEO who has been at the bank for more than 20 years, said his priority was to move forward quickly. He was making his first media appearance since his sudden appointment on Wednesday, speaking on a call that was scheduled to discuss NatWest’s second-quarter results that were published Friday.
NatWest announced in April that Davies was preparing to step down by mid-2024 and has started the search for a replacement.
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