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But decision to shut down Mr Farage’s bank account was lawful, an independent review finds
Farage in 2018. In June 2023, the private bank Coutts closed the account held by the British politician and broadcaster Nigel Farage, triggering controversy. NatWest, the owner of Coutts, initially claimed that he failed to meet the Coutts eligibility criteria of holding £1,000,000 or more in his account, following the expiry of his mortgage.
On 20 July 2023, Dame Alison Rose, Group CEO of NatWest Group, wrote to Farage to apologise for the contents of the Wealth Committee report. [48] [49] Rose repeated the bank's offer to Farage of a NatWest bank account and announced that she was commissioning a review into Coutts's processes regarding bank account closures. [48] [49] [50]
National Westminster Bank USA, commonly known as NatWest USA, was a wholly owned subsidiary of National Westminster Bank in the United Kingdom from 1983 to 1996. Formed as the National Bank of North America in 1905, the U.S. retail banking operation was sold to Fleet Financial Group in 1996.
RBS Group was re-named NatWest Group in 2020. In October 2021, Rose was awarded an honorary degree from Durham University. [28] On 26 July 2023, Rose resigned as chief executive of NatWest Group with immediate effect following the bank's decision to close Nigel Farage's bank account at Coutts. [29]
Electronic Bank Account Management (abbreviated as eBAM) represents the automation, through software, of the following activities between banks and their corporate customers: [1] Opening bank accounts; Maintaining bank accounts such as changing account signatories or spending limits; Closing bank accounts; Generating reports as required by law ...
The 2012 RBS computer system problems were technical issues affecting computers run by the Royal Bank of Scotland Group (now NatWest Group), including National Westminster Bank, The Royal Bank of Scotland and Ulster Bank, which began on 19 June 2012. In 2014, RBS was fined £42m over the incident. [1]
Child & Co. is a historic private bank in the United Kingdom, later integrated into the RBS division of the NatWest Group. [1] The bank operated from its long-standing premises at 1 Fleet Street, on the western edge of the City of London, near the Temple Bar Memorial and opposite the Royal Courts of Justice.