- Thursday, May 02, 2024
Alison Rose, a 30-year veteran of the company, acknowledged “a serious error in judgment” in discussing Farage’s relationship with the bank
By: Kimberly Rodrigues
The chief executive of NatWest Bank Alison Rose, announced her resignation on Wednesday (26), acknowledging a “serious error of judgment” in speaking to a reporter regarding the banking matters of Nigel Farage, a prominent advocate for Brexit.
Farage, known for his leadership of the Brexit Party and UKIP, raised concerns about the closure of his account with Coutts, an upscale bank and subsidiary of NatWest, historically used by the late Queen Elizabeth II.
He alleged that his account was terminated due to his political views.
In a report that the BBC later apologised for, the public broadcaster suggested that Farage’s accounts were closed due to insufficient funds, implying he couldn’t maintain a client status at the esteemed establishment.
Rose, a 30-year veteran of the company, had previously confessed to being the source behind the story and acknowledged “a serious error in judgment” in discussing Farage’s relationship with the bank.
NatWest’s board expressed its support for Rose on Tuesday. However, by early Wednesday, the board announced her decision to step down from her position.
Farage, a prominent Eurosceptic politician and current television presenter, dedicated decades to campaigning for Britain’s exit from the European Union. He played a pivotal role as a key figure in the 2016 Brexit referendum.
“The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group,” board chairman Howard Davies said in a statement.
“It is a sad moment. She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”
The board has appointed Paul Thwaite, current CEO of the commercial and institutional business, to take her place for an initial period of a year.
“A further process will take place in due course to appoint a permanent successor,” it added.
– Business or political decision? –
When discussing her interactions with the BBC journalist earlier, Rose admitted that she had conveyed the impression that the closure of Farage’s account was solely based on commercial reasons. She recognised this as a “serious error of judgment.”
Farage obtained a 40-page report regarding the closure of his account from the 331-year-old institution.
The report, according to him, repeatedly mentioned Brexit and his support for former US president Donald Trump.
The politician did not “align with the bank’s purpose and values” and was “seen as xenophobic and racist”, he quoted it as saying.
In the statement announcing her departure, Rose said she was “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,” she added.
(With inputs from AFP)
