Nigel Farage is exploring private criminal proceedings against NatWest Group over the 2023 debanking scandal that led to the departure of the bank's former chief executive.
The Reform UK leader has reportedly instructed criminal counsel to examine potential grounds for a case against the high street banking giant.
The move appears strategically timed to coincide with NatWest's annual results, due Friday morning.
The timing is particularly significant as the government prepares to sell its remaining shares in the company, nearly 17 years after its £45.5bn taxpayer bailout.
Nigel Farage is exploring private criminal proceedings against NatWest Group
PA"This is unfinished business," Farage confirmed to Sky News on Thursday evening.
Grosvenor Law, which is handling separate civil proceedings against the bank, has instructed Chris Daw KC of Lincoln House Chambers to explore a private criminal prosecution.
Dan Morrison, a partner at Grosvenor Law, said: "Farage is concerned about possible criminal issues arising out of the bank's conduct."
"We do not wish to provide further details," Morrison added.
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The move appears strategically timed to coincide with NatWest's annual results, due Friday morning
PA
The debanking controversy in summer 2023 centred on whether NatWest's Coutts subsidiary closed Farage's accounts for commercial or political reasons
PAThe law firm confirmed in a separate statement: "We have therefore decided to instruct leading criminal counsel."
This legal development threatens a fresh escalation against one of Britain's biggest banks.
The debanking controversy in summer 2023 centred on whether NatWest's Coutts subsidiary closed Farage's accounts for commercial or political reasons.
NatWest initially claimed commercial motivations before Farage obtained internal evidence suggesting his politics had been a key factor in the decision.
The revelation sparked significant government concern, with then Prime Minister Rishi Sunak and Chancellor Jeremy Hunt indicating to NatWest's board they had lost confidence in Dame Alison Rose's leadership.
Dame Alison Rose, former NatWest chief executive, resigned following the debanking rowPAThe scandal prompted the City watchdog to direct banks to ensure fairer treatment of politically exposed persons (PEPs), including parliamentarians, senior public servants and their families.
Tentative discussions between Farage's legal representatives and NatWest regarding a possible settlement have not resulted in any financial agreement.
Farage was expected to seek millions of pounds in compensation, claiming the debanking controversy had damaged his reputation.
Despite the threat of new legal action, NatWest, now under the leadership of Paul Thwaite, is reportedly in its strongest financial position in decades.
The Government's stake in the bank has fallen below 8 per cent, with a complete exit anticipated this spring.
A NatWest spokesperson said the bank does not comment on individual customers.
