In the wake of the recent row over the closure of Nigel Farage's account, Sir Howard Davies, the Chair of NatWest, has made it clear that he will not step down from his position. While the

former NatWest boss, Dame Alison Rose, resigned due to the controversy surrounding Mr. Farage's account closure, Sir Howard stated that he would remain at the bank to ensure stability, especially after the additional resignation of the boss of Coutts, a subsidiary of NatWest.

NatWest, in which the taxpayer holds a 39% stake, has been facing political scrutiny over its handling of the account closure. However, the bank announced a significant rise in first-half profits amounting to £3.6 billion, reflecting its last set of results under the leadership of Dame Alison.

The closure of Nigel Farage's Coutts account sparked political reactions, and Mr. Farage called for Sir Howard's resignation. The situation led to Dame Alison's resignation as well, with the chancellor expressing concerns over the matter.

Sir Howard mentioned that an independent investigation into the account closure and the handling of information related to the issue would be conducted by City law firm Travers Smith.

Despite initially expressing full confidence in Dame Alison, Sir Howard clarified that the political reaction to the situation rendered her position untenable. The board had believed their support for her was rational at the time, but subsequent developments prompted a different decision.

NatWest's strong financial performance has been lauded, surpassing analysts' expectations. However, amid the positive financial results, the bank acknowledged the challenges faced by individuals, families, and businesses, with some struggling financially. NatWest vowed to be proactive in supporting those most affected, particularly in dealing with mortgage arrears.

While Dame Alison left the bank by mutual consent with the board, her discussions about Mr. Farage's account led to a breach of client confidentiality, making her position untenable. Photo by World Economic Forum on Flickr, Wikimedia commons.