NatWest Wins Fed Approval for Connecticut Office in US Expansion Bid

NatWest has secured US Federal Reserve approval to establish a representative office in Stamford, Connecticut. This move marks the bank's first significant attempt to crack the US market.

The UK lender plans to use this new office as a liaison with current and prospective US customers of the bank, according to the Fed. The office will also enable NatWest to step up its marketing of products to US clients and build relationships with American companies.

The approval follows changes to ringfencing rules by then-chancellor Rachel Reeves aimed at making UK banks more competitive. These rules were introduced after the 2008 crisis, mandating banks separated their retail operations from riskier investment banking activities.