On July 26, 2023, NatWest Chief Executive Officer (“CEO”) Alison Rose resigned from that role after acknowledging a “serious error of judgment” in discussing former Brexit party leader Nigel Farage’s relationship with Coutts, a NatWest-owned private bank, with a BBC journalist. Although CEO Rose initially informed the BBC that Coutts had closed Farage’s account because he was not a profitable customer, Farage subsequently obtained a 40-page document setting forth Coutts’ view that association with Farage created “significant reputational risks” for the bank, citing Farage’s “xenophobic and racist” political views and the widespread perception of Farage as “a disingenuous grifter.” Following Rose’s resignation, NatWest’s American Depositary Receipt price fell sharply, damaging investors.

On this news, NatWest Group’s American Depositary Receipts (“ADRs”) fell by $0.17 or 2.67%, to close at $6.19 on July 27, 2023.