A new boss has been appointed to the wealth management firm at the centre of last year’s Nigel Farage “de-banking” scandal.
State-backed NatWest Group has hired Emma Crystal, an executive of Swiss bank UBS, to head its wealth unit, which includes the Coutts private bank.
Former Coutts chief Peter Flavel stood down last year amid the fall-out from the Farage scandal, which erupted after details of the politician's relationship with Coutts were leaked to the press. Dame Alison Rose was forced to quit as chief executive of NatWest after admitting to being the source of stories in the BBC concerning the decision by Coutts to close the accounts of the former UKIP leader.
An independent review later found that the bank had been responsible for a “number of serious failings” in its treatment of Mr Farage, but said the decision to close his accounts had been lawful and been “predominantly a commercial decision”.
READ MORE: Scott Wright: Why is NatWest addicted to controversy?
In her new role, Ms Crystal will report to NatWest interim chief executive Paul Thwaite and will also join the board of Coutts. She previously held wealth management leadership roles at Credit Suisse, and began her career in investment banking at Deutchse Bank.
Ms Crystal said: “I’m delighted to be joining NatWest Group and to have the opportunity to lead our wealth businesses. In Coutts we have one of the strongest private banking brands in the market and as part of the wider group we are uniquely placed to support clients with their full range of banking, lending and wealth management needs
“I am looking forward to working with my new colleagues to deliver the exceptional service our clients deserve."
READ MORE: Shares in NatWest plunge as Farage report reveals 'failings'
Mr Thwaite said: “Emma’s extensive wealth management experience and deep client focus make her the ideal person to lead our wealth businesses at this time
“The UK wealth management market is large and growing and Emma’s proven ability to work across organisational boundaries will be invaluable in helping us deliver an outstanding client experience and achieve our growth ambitions.”
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