Scandal-hit NatWest appoints new boss and hits milestone profit of £6.2billion
SCANDAL-hit NatWest has finally appointed a new boss: the bank’s former commercial chief Paul Thwaite.
He has taken over from Dame Alison Rose, who resigned last year in the wake of the “debanking” row that saw Nigel Farage’s Coutts account closed because of his political views.
Mr Thwaite started well yesterday, announcing the bank’s yearly profit of £6.2billion, its highest since before the 2008 financial crisis.
It comes as the Government plans to flog its 35 per cent stake in the bank — with the latest reports suggesting this could in June.
Thwaite said the Government will decide when and how the sale will work, but that it is a “shared ambition to return NatWest to private ownership”.
But Brexit campaigner Mr Farage has warned he will try to derail the share sale unless the bank settles “an ongoing compensation claim”.
He threatened to issue court proceedings against NatWest “within days”.
The banking group, which also includes Royal Bank of Scotland, Coutts and Ulster Bank, was boosted by higher interest rates which saw its revenue jump by 10 per cent to £14.3billion.
But customer deposits fell by £13.8billion in the year, as people shopped around for better savings deals.
NatWest announced the closure of over 100 high street branches across the UK last year, and Mr Thwaite said it was keeping its branch network “under constant review”, raising fears of more closures ahead.
Virgin’s loss
TELECOMS giant Virgin Media O2 has posted a £3.3billion loss for 2023 due to higher interest rates on its loans, which top £8billion.
Revenue, however, jumped 5.2 per cent to £10.9billion as broadband and mobile customer numbers rose.
It plans to spin out its cable and fibre network into a new company.
On shop form
SHOPS rebounded from December’s 3.3 per cent fall in sales volumes with a 3.4 per cent jump last month, the fastest rise since 2021.
Brits bagged bargains at household goods stores, sports shops and department stores.
Food shops also did well, jumping 3.4 per cent, the Office for National Statistics said.