Nigel Farage resolves debanking dispute with NatWest
- Nigel Farage's accounts with NatWest's Coutts subsidiary were closed, sparking a dispute over the reasons behind the decision.
- Following mediation, an agreement was reached, resulting in an apology from NatWest to Farage.
- The settlement reflects significant changes in leadership and reputation for NatWest, while boosting Farage's political influence.
In the UK, Nigel Farage, the leader of Reform UK, reached a settlement with NatWest Group regarding the closure of his Coutts accounts, a dispute that began nearly two years ago. The controversy was intensified by the perception that Farage's political views influenced the bank's decision to close his accounts, despite NatWest's claims of commercial reasons. Internal documents, which Farage publicly revealed, indicated that his political affiliations were indeed a factor, contributing to a significant scandal within the bank. Following the uproar, Dame Alison Rose, NatWest's former CEO, resigned in July 2023, which marked a major shift in leadership at the bank. The resolution of this dispute involved mediation talks facilitated by Nick Candy, the treasurer of Reform UK, and resulted in an apology from NatWest to Farage, though specific terms of the agreement remain confidential. Following the settlement, both parties expressed satisfaction and relief at the conclusion of a prolonged dispute that had significant ramifications for the bank's reputation and leadership. The turbulence surrounding this issue not only led to changes at NatWest but also reinforced Farage's influence in UK politics, as his party gained traction in recent elections. NatWest's financial position has improved significantly during this period, with reports of increased profitability and movement towards returning to full private ownership, demonstrating a contrasting trajectory between the bank's corporate recovery and the controversies it faced.