NatWest set to appoint interim boss Paul Thwaite as Alison Rose’s permanent successor
Permanent role: Paul Thwaite has been Natwest’s interim boss since July last year
NatWest is set to appoint interim boss Paul Thwaite as a permanent replacement for Dame Alison Rose after she quit in disgrace amid the Nigel Farage de-banking scandal.
Directors of the state-backed lender meet today to discuss making the announcement alongside full-year results tomorrow.
The board has not made a final decision and other candidates have been discussed, Sky News reported. NatWest said: ‘We do not comment on speculation.’
Thwaite stepped in to the top role for 12 months in July last year after leading its commercial banking arm since 2019.
Rose had to step down when a scandal erupted over the decision to cut ties with Farage.
Farage, a leading Brexiteer, claimed his account with elite bank Coutts –owned by NatWest – was closed due to his political views.
Rose resigned after admitting she made a ‘serious error of judgement’ when briefing a BBC journalist about the matter.
An internal report, released after the former politician made a subject access request, said the former Ukip leader’s views did not align with the bank’s values.
But a law firm hired to investigate the scandal said in October that the decision was commercial and not based on his politics.
In November the NatWest board withheld more than £7.6million in share awards and bonuses from Rose but cleared her of misconduct.
NatWest has been urged to clarify plans over fears a leadership vacuum could complicate a public share sale.
Chancellor Jeremy Hunt plans to offload some of the 35 per cent stake still held by the Treasury after a 2008 Government bailout.