NatWest is seeking to rebuild its position in the US helped by changes to UK rules on overseas banking activities, reported the Financial Times.
Recently, the lender received approval from the US Federal Reserve to open a representative office in Connecticut that would “act as a liaison with current and prospective US customers of the bank”
The bank already operates a US-licensed broker-dealer in Stamford, Connecticut, which carries out trades for institutional investors including hedge funds. This is the first notable effort by NatWest to expand in the US since the financial crisis. It follows revisions to ringfencing rules introduced by former chancellor Rachel Reeves.
NatWest has adopted a stronger growth agenda since returning to full private ownership last year, when the UK government sold its remaining holding in the lender, a stake originally taken during a £45.5bn bailout. Earlier this year, the bank completed its £2.7bn acquisition of wealth manager Evelyn Partners as it looked to broaden its sources of income. Under its former name, RBS entered the US in 1988 through the acquisition of Citizens Financial Group, which became the basis for a series of further deals.