10th Nov 2023 10:10
(Alliance News) - NatWest Group PLC has scrapped about GBP7.6 million in potential payouts to former chief executive officer Alison Rose after she left the company in July following the fallout from the debanking row with Nigel Farage.
The Edinburgh-headquartered lender said she has not been considered a "good leaver" following her departure and will therefore not receive most of the discretionary parts of her pay package.
The former chief executive officer will nevertheless get GBP2.4 million for 12 months' worth of pay and benefits plus around GBP800,000 for former bonus shares due to vest in March next year.
NatWest stressed that there was "no finding of misconduct" against the former boss.
The announcement comes a little under four months since Rose stepped down as chief executive of the bank, which also owns Coutts & Co.
Her departure came after she said that she had spoken to a BBC journalist about former Ukip leader Nigel Farage's relationship with Coutts.
Farage revealed in June that Coutts was planning to close his account.
He claimed it was due to his political opinions. But days later an article appeared in the BBC citing sources claiming that the account was closed for commercial reasons.
Weeks later, Rose was forced to admit that she was the source for the BBC article.
NatWest shares were 0.6% lower at 199.55 pence each on Friday morning in London.
By August Graham and Henry Saker-Clark
Press Association: Finance
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