Latest news with #NatWestGroupPlc
Bloomberg
02-05-2025
- Business
- Bloomberg
NatWest Says Customers Resilient in Uncertainty as Earnings Beat
NatWest Group Plc beat estimates in the first quarter and pointed to improving earnings this year as the bank's customers proved resilient to the unfolding strains on the global economy. The British lender reported pretax income of £1.81 billion ($2.4 billion), up 38% from a year ago and beating estimates of £1.53 billion. NatWest said it now expects to be at the upper end of its income and returns guidance for the full year.
Mint
23-04-2025
- Business
- Mint
NatWest Chief's Pay Rises as Government Set to Exit This Year
(Bloomberg) -- NatWest Group Plc investors backed a £7.8 million ($10.4 million) maximum pay package for Chief Executive Officer Paul Thwaite, as the lender prepares for the UK government to exit its bailout-era shareholding. Thwaite said at the bank's annual meeting on Wednesday that the speed of the government's share sale 'is testament to the performance of the business and has helped us to attract new global investors who share our growth ambitions.' The CEO, who was paid £4.9 million last year, will now be eligible for bigger performance-based share awards and a bonus worth as much as 150% of his salary. Thwaite took over from Alison Rose in 2023 after she stepped down following a row over the bank's decision to close the account of politician Nigel Farage. Shareholders met at the lender's Gogarburn headquarters near Edinburgh, the venue for clashes over high pay in the years following the 2008 financial crisis. All resolutions were passed by shareholders on Wednesday, with 97.86% approval for the remuneration policy, according to preliminary figures announced at the meeting. NatWest said in a statement ahead of the AGM that the decision by UK regulators to remove the bonus cap in late 2023 'provides greater flexibility to introduce higher leverage, in exchange for more stretching performance-based targets.' The government now holds less than 3% of NatWest, having sold most of the stake it acquired in a £45.5 billion bailout in 2008. Since then, the group has changed its name from Royal Bank of Scotland, ditched most of its overseas operations and refocused on domestic retail and commercial banking. More stories like this are available on First Published: 23 Apr 2025, 04:19 PM IST
Bloomberg
26-03-2025
- Business
- Bloomberg
NatWest Settles Dispute With Farage That Led to CEO's Ouster
NatWest Group Plc has settled a yearslong dispute with Nigel Farage, a prominent Brexit campaigner and Member of Parliament, over the bank's decision to shutter his account. The terms of the settlement are confidential, NatWest said in a statement, which noted the bank had also apologized to Farage. Sky News first reported the dispute had been resolved.
Yahoo
28-02-2025
- Business
- Yahoo
NatWest Plans SRT Tied to Almost £1 Billion of Leverage Loans
(Bloomberg) -- NatWest Group Plc is working on a significant risk transfer linked to a portfolio of leveraged loans, according to people with knowledge of the matter. The Trump Administration Takes Aim at Transportation Research NYC's Congestion Pricing Pulls In $48.6 Million in First Month Shelters Await Billions in Federal Money for Homelessness Providers New York's Congestion Pricing Plan Faces Another Legal Showdown NYC to Shut Migrant Center in Former Hotel as Crisis Eases The size of the reference portfolio is almost £1 billion ($1.3 billion), said the people, who asked not to be identified because the potential transaction is private. The size of the SRT is around £90 million, they added. SRTs are an increasingly popular tool for banks to manage risk. Lenders can insure loans against default by selling these notes to pension, sovereign wealth and hedge funds. That enables them to tie up less of their own capital to meet regulatory requirements, while investors can pick up yields frequently above 10%. The terms, including size, are still subject to discussions with investors, said the people. Separately, the bank is on Wednesday marketing a pound-denominated Additional Tier 1 bond, a kind of debt that lenders use to bolster capital buffers. A representative for NatWest declined to comment. The rising popularity of SRTs means such deals are on track to hit a record high this year. Chorus Capital Management, which invests in SRTs, projects global issuance to grow to as much as $35 billion, compared with an estimated $29 billion last year, with the lion's share taking place in Europe. Last year NatWest added bankers to its SRT desk and marketed a risk transfer tied to £1.4 billion of loans. Other recent deals out of British banks include a Standard Chartered Plc transaction linked to a portfolio of $1.5 billion of loans. The UK government is close to existing its stake in NatWest, acquired in a bailout during the 2008 financial crisis. This month it sold down more and now owns less than 7%, with the bank's Chief Executive Officer Paul Thwaite saying that the second quarter would be a reasonable timetable for a full exit. Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Meet Seven of America's Top Personal Finance Influencers ©2025 Bloomberg L.P.
Bloomberg
26-02-2025
- Business
- Bloomberg
NatWest Plans SRT Tied to Almost £1 Billion of Leverage Loans
NatWest Group Plc is working on a significant risk transfer linked to a portfolio of leveraged loans, according to people with knowledge of the matter. The size of the reference portfolio is almost £1 billion ($1.3 billion), said the people, who asked not to be identified because the potential transaction is private. The size of the SRT is around £90 million, they added.
