NatWest chairman Howard Davies announces he is to step down 

NatWest looks for a new chairman after veteran Howard Davies announces he will step down

NatWest will begin the search for a chairman after Howard Davies announces he is stepping down from his position.

The 72-year-old has been on the board of the banking group for eight years.

“It is appropriate to begin the search for my successor,” Davies said at the bank’s annual general meeting.

Stepping down: NatWest chairman Howard Davies said he will step down from the position after eight years on the board

He said he expects the search process and handover to take place before July 2024, when he reaches his nine-year term of office – the maximum the UK Corporate Governance Code recommends that someone should serve as a board member.

The Manchester-born economist became chairman of NatWest Group in 2015 when it was called the Royal Bank of Scotland Group before a name change in 2020.

During his tenure, he oversaw a return to profitability.

But his time at NatWest wasn’t all rosy. In 2021, it became the first bank to be fined for money laundering and charged £265 million for incorrectly checking £365 million in deposits into a Bradford jeweller’s account.