Bank challenge

Rose weighs legal case over disputed share awards

Alison Rose and Nigel Farage
Dame Alison Rose left NatWest over Nigel Farage admission (pics: Terry Murden)

Dame Alison Rose, the former NatWest Group chief executive, is said to be consulting a lawyer over the bank’s decision to cancel millions of pounds in unvested share awards she was due to receive.

The bank’s first female CEO was effectively forced out after admitting that she briefed a BBC journalist about the private banking arrangements of the former UKIP leader Nigel Farage.

She is now poised to lose about £5.2m in long-term share options if the bank’s board rubber stamps the decision.

It was not clear if a decision will be taken and announced ahead of its third-quarter results being announced on Friday morning.

Dame Alison is now seriously considering a legal response, according to a source who has spoken to Sky News.

Mr Farage was a client of NatWest subsidiary Coutts and the private banking divisions’s decision to cancel his account sparked a fierce backlash.

A NatWest spokesperson told the broadcaster: “In line with our previous commitments, the key findings of the independent review and the recommendations will be considered by the board.

“These, along with the group response, will be published in due course. In the meantime we will not comment on any speculation.”

Dame Alison has been replaced on an interim basis by Paul Thwaite, formerly the head of its commercial business.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.