July 26 (UPI) — Alison Rose, the CEO of NatWest, the third-largest bank in Britain, resigned on Wednesday amid a dispute over the closure of former UKIP leader Nigel Farage’s private banking account.
Alison Rose has agreed to step down from her role as chief executive of the banking group with immediate effect by mutual consent, as announced in a company news release.
“The board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. This is a regrettable moment,” said Howard Davies, Chairman of the NWG Board. The board had previously expressed full confidence in Rose’s leadership.
Rose’s resignation comes following mounting political pressure after Farage raised concerns with the bank and the BBC regarding the closure of his Coutts account, which is NatWest’s private banking arm. The closure was attributed to “commercial” reasons, as Rose confirmed on Tuesday, stating that Farage’s balance had fallen below the $1.3 million minimum threshold.
Although Rose denied disclosing any of Farage’s personal financial information, he accused NatWest of illegally revealing such information. He subsequently obtained internal documents that showed the decision to close his account was actually due to his political views being incompatible with those of the bank.
Reports on Tuesday evening highlighted “significant concerns” from sources close to the prime minister’s office and the chancellor, followed by headlines in early newspaper editions indicating emergency boardroom discussions at NatWest.
Farage, a former stockbroker turned MEP and leader of the party that spearheaded the Brexit referendum, expressed his belief that the rest of the NatWest board should also resign. He vowed to be the voice for other innocent victims of politically correct and overzealous banks.
“Dame Alison Rose has left. Others should follow suit. I hope this serves as a warning to the banking industry. We need both cultural and legal changes in a system that has unfairly shut down many thousands of innocent people. I will do my best to be their voice,” Farage stated on social media.
NatWest’s board announced the appointment of Paul Thwaite, the current CEO of the bank’s Commercial and Institutional business, as an interim replacement for Rose. The board also pledged to initiate a process to select a permanent successor in due course.
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