NatWest has been in the news recently due to a series of events surrounding the closure of Nigel Farage's accounts at its private bank subsidiary, Coutts. The closure led to a legal battle initiated by Farage against NatWest, which ultimately resulted in the resignation of the bank's chief executive, Dame Alison Rose. The incident also involved allegations of data protection breaches, with the Information Commissioner's Office issuing an apology to Dame Alison Rose for wrongly suggesting she had breached data protection laws in relation to the account closure.
NatWest, formerly known as National Westminster Bank, is a major retail and commercial bank in the United Kingdom. Established in 1968 through the merger of National Provincial Bank and Westminster Bank, NatWest became part of The Royal Bank of Scotland Group in 2000. The bank offers a wide range of financial services to individuals, businesses, and institutions, and has a significant presence in the UK banking sector. NatWest has faced various challenges and controversies over the years but remains a prominent player in the British financial industry.
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An independent review found serious failings in NatWest's treatment of Nigel Farage when closing his Coutts bank account, leading to the resignation of CEO Dame Alison Rose.
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The former CEO of NatWest breached data protection laws by discussing Nigel Farage's banking relationship with a journalist, leading to her resignation.