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NatWest creates new post-Brexit Frankfurt unit for UK customers

Reuters
·1-min read
FILE PHOTO: A man walks past ATM machines at branch of the NatWest bank in Manchester

LONDON (Reuters) - NatWest has established a new unit in Frankfurt, the bank said on Tuesday, aimed at serving British customers on the continent following Britain's exit from the European Union.

The lender's European clients will continue to be served by its hub in Amsterdam.

NatWest said it had appointed Thomas Jakob, a former UniCredit banker, as Chief Executive Officer of the new Frankfurt-based entity which will be called NatWest Bank Europe.

The move shows how banks are still reorganising themselves after Britain's exit from the European Union left them unable to continue serving customers across the bloc from a single headquarters in London, aided by offices on the continent.

NatWest Bank Europe will provide British-based corporate and investor customers with structured finance products, the bank said.

(Reporting By Lawrence White; Editing by Kirsten Donovan)