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NatWest appoints former Nationwide CFO to its UK bank board
Global Banking & Finance Review®
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LONDON (Reuters) – NatWest has appointed Mark Rennison, a former Nationwide Building Society Chief Financial Officer, to the board of its ring-fenced retail bank, the British lender said on Friday.
LONDON (Reuters) – NatWest has appointed Mark Rennison, a former Nationwide Building Society Chief Financial Officer, to the board of its ring-fenced retail bank, the British lender said on Friday.
Rennison will serve as a non-executive independent director on the board of NatWest Holdings Limited (NWH), which contains the lender’s retail, commercial and wealth banking businesses.
Those units were separated from other riskier banking divisions at British banks following post-2008 financial crisis rules aimed at protecting individual savers and small businesses.
Rennison’s appointment follows Graham Beale stepping down from the NWH board on Aug. 31, as NatWest announced in April.
(Reporting By Lawrence White; editing by David Evans)
A Chief Financial Officer (CFO) is a senior executive responsible for managing the financial actions of a company, including financial planning, risk management, record-keeping, and financial reporting.
A non-executive director is a member of a company's board of directors who does not engage in the day-to-day management of the company but provides oversight and strategic guidance.
Ring-fencing is a regulatory measure that separates a bank's retail banking operations from its investment banking activities to protect consumers and reduce risk in the financial system.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, ensuring accountability and transparency in its operations.
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, often leading to widespread economic disruption and loss of confidence in the financial system.
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