NatWest Group PLC (LSE:NWG) announced today that its chief executive Alison Rose has stepped down from her role after admitting to misleading a BBC journalist about the reasons for closing the bank account of Nigel Farage, a prominent Brexit campaigner and former UKIP leader.
Rose, who became the first woman to lead a major UK bank in 2019, said she had made a “serious error of judgment” and apologised for the damage she had caused to the bank’s reputation.
“I deeply regret my actions and the impact they have had on our customers, colleagues and stakeholders,” she said in a statement.
She added that she was proud of what she had achieved at NatWest, where she had worked for more than three decades, and wished her successor well.
NatWest’s chairman Howard Davies said Rose had agreed to resign “by mutual consent” and praised her for her “dedication and professionalism”.
He said Paul Thwaite, the head of the Commercial and Institutional business, would take over as interim CEO for a year while the board searched for a permanent replacement.
The bank’s shares fell by 2.5% in early trading on Tuesday, as investors reacted to the news of Rose’s departure.
The controversy erupted last week when Farage revealed that Coutts, NatWest’s private banking arm, had informed him in March that it would close his account within 60 days.
He said he was given no explanation for the decision, but later obtained an internal email from Coutts that suggested his political views were incompatible with the bank’s values.
Farage accused Coutts of “cancel culture” and said he was considering legal action against the bank.
Rose initially denied any involvement in the decision, but later admitted that she had spoken to a BBC reporter about the case and implied that it was based on commercial factors, not political ones.
The BBC apologised to Farage on Tuesday for broadcasting an inaccurate report that claimed his account was closed because he had failed to provide proof of identity.
The bank also apologised to Farage and said it would review its processes to ensure they were fair and transparent.