NatWest Group has appointed Paul Thwaite as its permanent chief executive, marking its highest yearly profit since the pre-2008 financial crisis era.
Mr. Thwaite takes over from Dame Alison Rose, who stepped down amid last year’s debanking controversy.
The NatWest board hailed Thwaite as an “outstanding candidate” poised to shape the bank’s future. 
Meanwhile, the banking giant reported an operating pre-tax profit of £6.2bn for 2023, surpassing analysts’ expectations and marking its highest profit since 2007.
This figure represents a 20% increase from the previous year, attributed to rising interest rates driving up borrowing costs.
Paul Thwaite assumed the interim CEO role in July, previously overseeing the bank’s commercial business.
Incoming chairman Rick Haythornwaite emphasized the importance of resolving CEO uncertainty, highlighting a rigorous selection process that identified Thwaite as the ideal candidate.
Thwaite expressed enthusiasm for the bank’s future, focusing on growth, efficiency, and simplification while prudently managing costs and capital.
