Haythornthwaite lined as much as substitute Davies as NatWest chairman

Rick Haythornthwaite, the City grandee who has chaired corporations together with Centrica and Network Rail, is being lined up as the brand new chairman of NatWest Group within the wake of the row concerning the de-banking of Nigel Farage.

Sky News has learnt that Mr Haythornthwaite, who presently chairs Ocado and the AA, is predicted to be appointed as Sir Howard Davies’s successor within the coming days.

City sources mentioned that an announcement may come as early as Wednesday following the disclosure of his potential appointment.

Mr Haythornthwaite is amongst Britain’s most skilled businesspeople, having led a string of corporations, together with MasterCard International.

A buddy of his mentioned: “Rick is passionate about Britain and believes NatWest is an important company for the country.”

NatWest, which stays almost 40%-owned by the taxpayer, has endured a torrid few weeks over the closure of Mr Farage’s Coutts accounts.

The then chief govt of NatWest, Dame Alison Rose, briefed a BBC journalist that the accounts had been shut for business causes, prompting the publication of an inaccurate story.

It subsequently emerged that the financial institution had taken Mr Farage’s status and political opinions under consideration, sparking one of many largest rows to engulf the British banking sector in years.

Sir Howard initially sought to assist Dame Alison persevering with in her function however inside hours was pressured to backtrack after the chancellor, Jeremy Hunt, signalled that he needed her eliminated.

The chairman’s method to the row stoked Mr Farage’s anger at his therapy by the taxpayer-backed lender.

A variety of opinions at the moment are underway into the scandal, together with two commissioned by the financial institution itself.

Separately, the Financial Conduct Authority is reviewing the trade’s dealing with of politically uncovered individuals (PEPs), having this week unveiled the phrases of reference for its inquiry.

“These rules follow international standards and are designed to keep the financial system clean, free from corruption and guard against financial crime,” Sarah Pritchard, the FCA’s govt director for markets, mentioned.

“It’s important that they are implemented proportionately and don’t create unnecessary barriers for public servants and their families.”

At the highest of Mr Haythornthwaite’s in-tray would be the identification of a everlasting successor to Dame Alison.

Paul Thwaite, one of many financial institution’s prime executives, was elevated to switch her on an interim foundation, and could possibly be a contender for the job on a everlasting foundation.

While his govt profession was spent as an industrialist fairly than a banker, Mr Haythornthwaite is prone to have been regarded by the federal government and regulators as a protected pair of arms.

During his time at MasterCard, he oversaw the acquisition of VocaLink, a crucial a part of Britain’s funds infrastructure, whereas he just lately oversaw a evaluate of armed forces incentivisation on behalf of the Ministry of Defence.

Sir Howard had at all times deliberate to step down earlier than the financial institution’s annual assembly in 2024, and it’s not thought that his departure will probably be accelerated considerably.

A NatWest spokeswoman declined to remark.