NatWest Group’s Board of Directors announced that by mutual consent Alison Rose will step down from her position as group chief executive, effective immediately.

Rose elected to resign from her position following a BBC report about the closure of former UK Independence Party leader Nigel Farage’s bank account at Coutts, a private bank owned by NatWest.

Rose said she had made a “serious error of judgment” in discussing Coutts client relationships with BBC journalist Simon Jack. Farage took issue with the BBC report that claimed that his accounts with Coutts were closed for commercial reasons. The BBC has since expressed regret and corrected its story.

Howard Davies, chairman of the NatWest Group, said: “It is a sad moment. She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”

The Board has designated Paul Thwaite, current CEO of the commercial and institutional business, to lead NatWest Group for an initial period of 12 months, subject to regulatory approval. A further process will be initiated to find a permanent successor.

Re-disseminated by The Asian Banker