(25 August 2026 – United States) NatWest has secured Federal Reserve approval to open a representative office in Connecticut, marking its first significant push into the US market since the financial crisis forced a wholesale retreat over a decade ago.
The office will allow the bank to market products to US clients and build relationships with American companies, going beyond its existing US-licensed broker-dealer in Stamford, which is limited to executing trades for institutional clients such as hedge funds.
The move was enabled by ringfencing rule changes introduced by former chancellor Rachel Reeves in January 2025, which reversed post-2008 restrictions that had prohibited ringfenced banks from establishing overseas operations outside the EEA. NatWest has been pursuing a more aggressive growth strategy since returning to full private ownership last year, following the UK government’s divestment of its stake acquired through a £45.5bn bailout. It has also completed the £2.7bn acquisition of wealth manager Evelyn Partners this year.
NatWest is not alone in reconsidering international expansion. Lloyds Banking Group has set a target to grow its North American business to 30 per cent of corporate and institutional banking revenues by 2030. Both banks have been buoyed by a strong rate environment, with the UK’s four largest lenders reporting combined pre-tax profits of £29bn in the first half of the year.