Alison Rose: NatWest says former boss likely to pocket £2.4 million weeks after quitting

Royal Bank of Scotland parent group NatWest has said former boss Dame Alison Rose is set to receive a £2.4 million pay package, weeks after she resigned from the banking giant.

Dame Alison Rose stepped down as chief executive of RBS parent NatWest Group in July.

The group confirmed that it would continue to review her planned pay and bonus pay-outs in relation to ongoing investigations into her actions surrounding a row over Nigel Farage’s account with private banking offshoot Coutts. Rose is currently seeing out her 12-month notice period with the group, which said it will pay her £1.155m in salary for the year, £1.155m in NatWest shares - which she will receive over a five-year period - and £115,566 in pension payments. The pay deal totals around £2.43m.

Rose had led the company for four years as chief executive but stepped down last month following the row over the closure of former Ukip leader Farage’s account with Coutts, the private bank run by NatWest. Rose was well rewarded for her efforts at NatWest, formerly Royal Bank of Scotland Group, receiving a pay packet totalling some £5.25m last year, with the CEO pocketing an annual bonus for the first time since the bank’s bailout by the UK government during the 2008 financial crisis.

In a statement, NatWest said: “Ms Rose’s notice period and the payments she will continue to receive for the notice period will be reviewed on a continuing basis, having regard to the internal and external investigations relating to the account closure arrangements at Coutts and associated events. Decisions on these awards, along with any decisions regarding other remuneration matters, will be made taking into account the findings of the investigations, as appropriate.”

It added that policies allowing the company to potentially “claw back” bonus payments will apply to the former chief executive. The group also revealed that Paul Thwaite, who is replacing Rose at the helm of the company for the next year, will receive a slightly smaller salary than his predecessor. Thwaite is due to receive a fixed salary of £1.05m for the year, and a further £10.5m in NatWest shares - which he will receive over a five-year period.

Alison Rose: NatWest CEO resignation to cause 'ripples for months' as shares slide 4%