Nigel Farage has vowed to make life “very difficult” for new NatWest Chief Executive Paul Thwaite until he receives a “fuller apology” following the debanking row. The Mail has more.
The new boss has become permanent Chief Executive on a £1.2million annual salary, as NatWest revealed its highest yearly profit since before the 2008 financial crisis.
Mr. Thwaite, who was previously running the bank’s commercial business, succeeds Dame Alison Rose who stepped down amid a crisis in the wake of the debanking of Mr. Farage’s account with Coutts, a high-net-worth bank owned by NatWest.
He will be tasked with repairing the group’s reputation after the closure of the former Brexit Party leader’s account forced out Dame Alison and wealth boss Peter Flavel.
But Mr. Farage said the appointment was “nothing more than the old guard staying in place” and warned Mr. Thwaite that he could use legal action to try to thwart the sale of taxpayer-owned shares in the bank unless there is a change of culture at the firm.
The Reform U.K. President threatened to begin court proceedings against NatWest within days if the bank does not settle a compensation claim with him. He also said bosses must promise to stop debanking customers whose views it disagrees with.
Among Mr. Thwaite’s jobs from today is preparing the ground for a planned retail sale of Government-owned stock in the bank, which remains 35% taxpayer-owned after its £45.5 billion bailout in the 2008 financial crisis.
Chancellor Jeremy Hunt believes that the sale, possibly in June, would improve the Treasury’s financial position ahead of the General Election expected later this year.
But Mr. Farage said NatWest was “not fit for a public sale of shares”, and this would be “very, very difficult indeed” if a public legal fight with him was ongoing.
He told the Daily Telegraph: “There has been no change of culture at the bank whatsoever. They are paying out £350 million in bonuses to the same people who abused me. I am left feeling that my efforts with this organisation have been in vain.
“I don’t think this organisation is fit for a public sale of shares until they have put to bed the issue with me, shown that there is going to be a change of culture within the organisation and proved that there is going to be a new management style.
‘” have had court papers ready for some time and unless they want to have a sensible conversation, I will issue them, which will make a public sale of shares very, very difficult indeed. The court papers call for a much fuller, franker public apology and a commitment that this will not happen again.”
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