Scandal hit NatWest appoints new boss and reaches landmark profit of £6.2bn
SCANDAL-hit NatWest has finally appointed a new boss – the bank's former commercial chief Paul Thwaite.
He takes over from Dame Alison Rose, who resigned last year in the wake of the 'debanking' row that saw Nigel Farage's account at Coutts closed over his political views.
Mr Thwaite started well yesterday, announcing the bank's annual profit of £6.2 billion, the highest since before the 2008 financial crisis.
It comes as the government plans to sell its 35 percent stake in the bank – and latest reports suggest this could happen in June.
Thwaite said the government will decide when and how the sale will take place, but that it is a “shared ambition to return NatWest to private ownership”.
But Brexit campaigner Farage has warned he will try to derail the share sale unless the bank settles a “pending damages claim”.
He threatened to initiate legal 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, boosting revenues by 10 percent to £14.3 billion.
But customer deposits fell by £13.8 billion in the year as people looked for better savings deals.
NatWest announced the closure of more than 100 branches on major high streets in Britain last year, and Mr Thwaite said it is “continually monitoring” its branch network, raising fears of further closures in the farewell.
The loss of Virgin
TELECOMS giant Virgin Media O2 has posted a £3.3 billion loss for 2023 due to higher interest rates on its loans, which amount to more than £8 billion.
However, sales rose 5.2 percent to £10.9 billion as the number of broadband and mobile customers increased.
It plans to spin off its cable and fiber network into a new company.
On store form
SHOPS recovered from a 3.3 percent drop in sales volume in December, rising 3.4 percent last month, the fastest increase since 2021.
Britons grabbed bargains at homeware stores, sports shops and department stores.
Food stores also did well, with an increase of 3.4 percent, according to the Office for National Statistics.