The boss of NatWest Group’s excessive avenue department community is to step down early subsequent 12 months as the corporate prepares for a return to full personal sector possession.
He’s stated to have been a contender to run the group after Dame Alison Rose’s departure in the summertime of 2023, however misplaced out to Paul Thwaite.
Mr Thwaite was then appointed as group CEO on a everlasting foundation earlier this 12 months.
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As retail banking CEO, Mr Lindberg oversees a 13,000-strong workforce – one of many greatest in British excessive avenue banking.
The division has greater than 17 million prospects within the UK, and accounts for near half the group’s annual earnings.
Sources stated {that a} successor could be appointed sooner or later.
The small print of any payoff for Mr Lindberg had been unclear on Monday.
An announcement about his exit is predicted this week.
A former govt at Australian lender Westpac, the Canadian citizen additionally beforehand labored for the Commonwealth Financial institution of Australia.
Shareholders are being consulted on the transfer, which will probably be put to a vote at NatWest’s annual assembly subsequent spring.
Final week, the Treasury’s stake in NatWest fell to beneath 10%, paving the best way for a return to full personal possession as quickly as the primary half of subsequent 12 months.
NatWest was bailed out with £45.5bn of taxpayers’ cash throughout the monetary disaster of 2008.
On Monday, its shares had been buying and selling at round 408p, giving it a market worth of about £33bn.
A spokesperson for NatWest declined to remark.
