MOHAMMAD Kamal Syed has been appointed interim chief govt of NatWest’s non-public banking arm Coutts to succeed Peter Flavel who resigned over the Nigel Farage scandal.
“Mo has intensive wealth administration expertise and is the perfect individual to steer Coutts by means of this troublesome time…,” NatWest’s interim CEO Paul Thwaite mentioned on Thursday (27).
Syed, who joined Coutts in 2012 as the pinnacle of asset administration, has worldwide expertise spanning funding banking and fund administration, having beforehand labored because the CEO of MaxCap Companions (UK Multi-Household Workplace).
He started his profession on the Financial institution of Tokyo in London in 1986 and 4 years later, he moved to Japan the place he was liable for constructing the South East Asia capital markets enterprise.
Whereas within the Japanese capital, Syed joined Barclays in 1992 and held senior positions together with deputy head of world derivatives buying and selling.
He later grew to become the chief working officer and world head of funding banking at Sanwa Worldwide which is now a part of Tokyo-Mitsubishi UFJ Group.
Flavel, chief govt of Coutts since March 2016, give up Coutts on Thursday “by mutual consent with fast impact”, Thwaite mentioned in an announcement.
A day earlier, Alison Rose resigned as NatWest CEO after admitting a “severe error of judgment” in chatting with a BBC reporter about Farage’s banking affairs.
Farage, a former chief of the Brexit Celebration and the anti-immigration celebration UKIP, has complained that he was eliminated as a consumer of Coutts for his political opinions.
In a report which it has since apologised for, the BBC had recommended Farage’s accounts had been closed as a result of he didn’t have ample funds to stay a consumer of the distinguished institution.
Rose admitted that she had given the general public broadcaster’s reporter “the impression that the choice to shut Mr. Farage’s account was purely industrial”.
Coutts is a 331-year-old establishment that caters to the wealthy and well-known, with a consumer checklist that has included the late Queen Elizabeth II.
“Within the dealing with of Mr Farage’s case we now have fallen under the financial institution’s excessive requirements of non-public service,” Flavel mentioned in Thursday’s assertion.
“As CEO of Coutts it’s proper that I bear final duty for this, which is why I’m stepping down,” he added.
Farage, a Eurosceptic politician and now a tv presenter, campaigned for many years for Britain’s withdrawal from the European Union and was a key determine within the 2016 Brexit referendum.