British bank NatWest said today the chief executive of its private bank Coutts, Peter Flavel, will step down with immediate effect.
The move comes after days of political and media pressure over the unit's handling of the closure of Nigel Farage's bank accounts.
The ousting of Flavel is one of the first actions taken by NatWest's new interim CEO Paul Thwaite, after the group's former CEO Alison Rose sensationally quit the bank in the early hours of yesterday morning.
Mohammad Kamal Syed will step into the role of interim CEO of Coutts and NatWest's wealth businesses, Thwaite said. He added that Flavel was stepping down by "mutual consent".
Flavel said in the statement that the handling of Farage's case had "fallen below the bank's high standards of personal service".
"As CEO of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down," Flavel said.
Australian-born Flavel, who previously served as CEO of JPMorgan Private Wealth Management in Asia Pacific region, took the top job at Coutts in 2016.
