NatWest Gains US Foothold with Approved Representative Office
The Federal Reserve has approved NatWest's application to establish a representative office in Stamford, Connecticut. The decision allows NatWest to expand its presence in the United States but restricts the new office from conducting full banking operations.
The Stamford office will be able to promote NatWest's products and services, provide customer service, and perform back-office functions. However, it cannot accept deposits, make loans, or independently conduct other banking activities.
NatWest currently has operations in Stamford through its investment bank, NatWest Markets Plc, which is a non-U.S.-based swap dealer registered with the U.S. Commodity Futures Trading Commission. The newly approved office is for National Westminster Bank Plc itself.