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NatWest seeks US expansion after UK ringfencing rule changes
The Financial Times reports NatWest received US Federal Reserve approval to open a representative office in Connecticut as a liaison with US customers.
NatWest is looking to rebuild its presence in the United States after changes to UK rules affecting overseas banking activities, the Financial Times reports, citing recent regulatory developments.
The bank received approval from the US Federal Reserve to open a representative office in Connecticut, which would act as a liaison with current and prospective US customers, according to the report.
NatWest already operates a US-licensed broker-dealer in Stamford, Connecticut, that carries out trades for institutional investors including hedge funds.
The effort is described as NatWest’s first notable push to expand in the US since the financial crisis, following adjustments to the UK ringfencing framework and broader growth steps such as its £2.7bn acquisition of wealth manager Evelyn Partners earlier this year, Retail Banker International also notes.