Overview

• Nigel Farage has directed lawyers to examine grounds for a private criminal prosecution against NatWest Group over the closure of his accounts with its subsidiary, Coutts, in 2023.
• The debanking controversy led to the resignation of Dame Alison Rose, NatWest's former CEO, after it was revealed that political factors influenced the decision to close Farage's accounts.
• Farage alleges the incident caused reputational damage and is pursuing separate civil proceedings, with potential damages amounting to millions of pounds.
• NatWest initially cited commercial reasons for the account closures but later acknowledged shortcomings in its handling of the case, including breaches of client confidentiality.
• The government is on track to fully privatize NatWest by summer 2025, with its stake now reduced to under 7%, as the bank reports strong financial performance.