NatWest’s chairman Rick Haythornthwaite has said NatWest is at an “inflexion point”, where the government is again pushing for the lender to help drive UK economic growth and competitiveness - just as it nears full privatisation 17 years after its £46bn bailout.
The chairman assured shareholders on Wednesday that NatWest had “fixed the issues of the past” and that it was “a much simpler, safer, customer-focused bank” due to the government rescue, which he thanked ministers for this morning:
It is important that we recognise the bold decision taken by the government of the day to step in and stabilise our banking system and, by extension, our economy.
We remain incredibly grateful to the government, and to UK taxpayers, for their intervention and support, which protected millions of savers, homeowners and businesses at a time of global crisis.
However, he told shareholders gathered at the Gogarburn campus that change was underway:
We are at an inflexion point not just in our bank’s history, but in the context in which we’re operating.
After almost two decades of recovery for our banks, and for our country and economy more widely, growth is rightly at the top of the national agenda. And, despite ongoing geopolitical uncertainty, competition and innovation are in focus once more.
It is clear that the rhetoric is changing and we must keep up the momentum in order to create a secure, competitive environment that promotes growth, all in the service of the customer.
