New cast takes centre stage as state-backed Royal Bank of Scotland hosts Edinburgh AGM

A NEW leading cast appeared before shareholders at the Natwest Group annual meeting in Edinburgh yesterday.

The Dame Alison Rose and Sir Howard Davies chief executive and chairman double act, which has addressed investors at the event in recent years, was replaced by a new show in town.

Paul Thwaite appeared at the AGM as chief executive of the Royal Bank of Scotland owner for the first time, after moving into the top role following the Nigel Farage scandal that cost Dame Alison her job last summer, and there was a debut, too, for Rick

Haythornthwaite, the bank’s new chairman.

Sir Howard was mentioned briefly as Mr Haythornthwaite contrasted the respective challenges which faced the old and new chairmen as they began their terms in office. But there was no reference in the AGM statements to Dame Alison, which is perhaps not surprising given the acrimony which surrounded her departure (she admitted to being the source of BBC stories concerning the financial affairs of Mr Farage, in connection with his accounts with Coutts, Natwest’s private bank).

Both Mr Haythornthwaite and Mr Thwaite highlighted the challenging economic backdrop, which the chairman declared had brought some “unexpected challenges” in 2023. Mr Thwaite said the bank was performing well in the difficult climate and declared there were opportunities for it to grow, even though the economic conditions remain tough and “the needs and expectations of customers are changing at pace, as they engage with emerging technology, adapt to new social trends, and build ever-more resilience to a fast-evolving world”.

There was no mention of branch closures, which was perhaps unsurprising, too, given the bank continues to slash its network.

Likewise, the results of shareholder votes on the resolutions tabled by the board published later in the day offered no surprises either, which is perhaps the way the bank would have wanted it. Meanwhile, Mr

Haythornthwaite said the UK Government’s plan to sell its remaining stake in Natwest to retail investors will “bring an end to a sorry tale for the UK and for the bank”.

UK taxpayers’ stake in the bank has been cut to 29% from 38% at the start of the year. A retail offer of the public’s shares could take place as early as the summer.

Shareholders and other observers will now turn their attention to Friday when Natwest announces its results for the first quarter. Analysts have forecast profits will have fallen for the first three months of the year, following a boost to earnings brought by rising interest rates a year ago.