NatWest Appoints Paul Thwaite as Permanent CEO Amidst Leadership Overhaul

London, Feb 14 (Reuters) - NatWest, the British taxpayer-backed bank, is poised to name Paul Thwaite, its current interim chief executive, as the permanent successor to former CEO Alison Rose.

Thwaite, previously NatWest's head of commercial and institutional banking, assumed the interim CEO role last July for a period of 12 months. His nomination comes after Rose's departure last year, which ensued from a dispute between the bank and former Brexit party leader Nigel Farage over the closure of his bank accounts at Coutts, sparking political uproar.

While a NatWest spokesperson refrained from commenting on speculation, Thwaite is widely viewed as a respected and credible contender for the position, both among colleagues and within the banking industry.

The incoming permanent CEO faces the formidable task of navigating the bank through challenging economic conditions and overseeing the anticipated sale of government shares to the public this year. Currently, NatWest remains 35% owned by taxpayers, a legacy of its £45.5 billion state bailout during the 2008-9 financial crisis.

UK Government Investments, responsible for overseeing taxpayers' interests in NatWest, emphasized the necessity of appointing a permanent CEO before any retail sale, slated for as early as June.

NatWest has witnessed broader leadership changes in recent months, with former Mastercard chairman Rick Haythornthwaite set to replace City veteran Howard Davies as chairman in April.

Furthermore, the bank disclosed its recruitment of UBS banker Emma Crystal to helm its historic private bank, Coutts, succeeding Peter Flavel, who departed last summer amid the Farage controversy.

The impending appointment of Thwaite underscores NatWest's commitment to stability and continuity amidst leadership transitions, as it seeks to reinforce its position in the financial landscape amidst evolving challenges and opportunities.