Peter Flavel, former head of NatWest-owned Coutts bank, has stepped down with immediate effect as the fallout over the Nigel Farage controversy claims another victim.
Paul Thwaite, who took over as NatWest Group PLC (LSE:NWG) after former chief executive Alison Rose also quit this week, commented: “I have agreed with Peter Flavel that he will step down as Coutts CEO and CEO of our Wealth Business by mutual consent with immediate effect.
“Whilst I will be personally sorry to lose Peter as a colleague, I believe this is the right decision for Coutts and the wider group.
Flavel and Rose handed in their resignation letters after Coutts and parent company NatWest became engulfed in controversy after former UKIP leader Nigel Farage had his Coutts account terminated.
Rose was found to have misled the BBC for the reasons behind Farage’s account closure, claiming the decision was made for financial reasons.
A 40-page dossier given to Farage following a disclosure request appeared to contradict this claim, with the Royal bank instead expressing concerns over his controversial political beliefs.
Mohammah Kamal Syed, the head of Coutts’ asset-management team, will take over as interim chief executive.