NatWest to open US representative office in Connecticut

NatWest has received approval from the Federal Reserve to establish a representative office in Stamford, Connecticut. This move marks a significant step in the bank’s effort to expand its presence in the United States, representing a reversal of its strategy to focus primarily on its domestic franchise following the 2008 financial crisis.

The new office will serve as a liaison for current and prospective US customers, performing functions such as marketing products, conducting customer service, and managing back-office activities. However, the approval does not permit the bank to accept deposits or engage in direct lending through this specific office.

This expansion follows regulatory changes to UK ring-fencing rules, which previously restricted ring-fenced banks from building a physical presence outside the European Economic Area. The reforms, implemented under former Chancellor Rachel Reeves, have enabled NatWest to grow its US-based team to support large corporate and institutional clients.