Alison Rose, the head of Britain’s NatWest bank, resigned on Wednesday after admitting to a “serious error of judgement” when she spoke to a reporter about Nigel Farage’s banking concerns.
UK bank NatWest CEO resigns: Farage, a former leader of the Brexit Party and the anti-immigration UKIP, had expressed dissatisfaction with the closing of his account with the upscale Coutts, a NatWest subsidiary and the bank used by the late Queen Elizabeth II.
He claimed that his political opinions led to his removal as a customer.
However, the public broadcaster BBC said that it cancelled Farage’s accounts because he lacked the money to continue being a client of the illustrious institution. The BBC has subsequently issued an apology for the piece.
Rose earlier stated that she was the author of the article and that she had made “a serious error in judgement” by mentioning Farage’s business dealings with the bank.
The board of NatWest endorsed Rose, a 30-year industry veteran, on Tuesday. But by early Wednesday, it had been made known that she was resigning.
Farage, a former politician and current television personality who opposed Britain’s membership in the EU, played a significant role in the 2016 Brexit referendum.
Board chairman Howard Davies issued a statement saying, “The Board and Alison Rose have agreed, by mutual consent, that she will resign as CEO of the NatWest Group.”
It’s a depressing time. She has devoted her entire professional career to NatWest and will be leaving behind numerous coworkers who respect and adore her.
The board has chosen Paul Thwaite, the current CEO of the commercial and institutional division, to succeed her for an initial year.
“A further process will take place in due course to appoint a permanent successor,” it continued.
Political or business decision?
In response to the earlier interactions she had with the BBC journalist, Rose acknowledged that she had given the reporter “the impression that the decision to close Mr. Farage’s account was purely commercial,” calling it a “serious error of judgement.”
Farage acquired a 40-page report from the 331-year-old organisation outlining the termination of his account.
He said that the study made several references to both Brexit and his backing of former US president Donald Trump.
He quoted it as saying that the lawmaker was “seen as xenophobic and racist” and did not “align with the bank’s purpose and values”.
Rose stated that 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” in the statement announcing her departure.
She continued, “My colleagues at NatWest have been instrumental in that achievement, and I would like to personally thank them for all that they have done.