FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For
April 18, 2023
Commission
File Number: 001-10306
NatWest
Group plc
RBS,
Gogarburn, PO Box 1000
Edinburgh
EH12 1HQ
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F X Form 40-F
___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(1):_________
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7):_________
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes ___
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
The following information was issued as Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:
NatWest Group plc
Virtual Shareholder Event Statements
18 April 2023
NatWest Group plc will hold its Virtual Shareholder Event ("Virtual
Event") at 6.00 p.m. today. The
Virtual Event is being held ahead of the Annual General Meeting
("AGM") which will be held at Gogarburn, Edinburgh EH12 1HQ at
11.00 a.m. on 25 April 2023. By holding the Virtual Event as
well as the physical AGM, we are providing shareholders with the
opportunity to engage with our Chairman, Howard Davis and our CEO,
Alison Rose, DBE and ask questions prior to voting on the business
of the AGM.
The following is an extract of the remarks to be made by Howard
Davies and Alison Rose at the Virtual Event.
Howard
Davies
Good evening and welcome to our latest virtual shareholder event,
which provides an opportunity to answer questions from those who
are unable to attend next week's AGM.
As countries finally opened up for business after two years of
pandemic lockdowns, the global economy faced further pressures
resulting from the Russian invasion of Ukraine, which continues to
have a devasting impact on those who live there, as well as adding
to the rising cost of living and the cost of doing business all
over the world.
These factors, along with a rapidly changing political landscape,
drove inflation in the UK to a 40-year high, with consumers and
businesses facing heightened costs and considerable
uncertainty.
Within
the first few months of this year, we have already seen the impact
that uncertainty and rising interest rates can have on the banking
sector, with the collapse of Silicon Valley Bank and other lenders
in the US. We also saw the acquisition of Credit Suisse by UBS,
facilitated by the Swiss authorities.
Ultimately,
poor risk management and long-standing, idiosyncratic challenges
were largely to blame for these failures.
NatWest
Group has built a robust and resilient balance sheet with strong
capital and liquidity positions, a largely secured retail book and
a well-diversified Commercial loan book.
Tight
risk management underpins our strategy and means we are well
positioned for future challenges and opportunities.
We
nonetheless continue to monitor customer activity and behaviours
closely for signs of stress, taking action where
appropriate.
Against
this difficult and uncertain economic backdrop, NatWest Group
demonstrated a strong financial performance in 2022, with continued
responsible growth in our lending and progress against our
strategy.
We also
continued to deliver sustainable returns to shareholders,
announcing £5.1 billion of dividends and buybacks for
2022.
As well
as the £1 billion final dividend that we have asked you to
vote on, we paid an interim dividend of £364 million and a
special dividend of £1.75 billion, alongside a share
consolidation.
We also
completed a £750 million on-market buyback and announced a
further £800 million at Full Year Results.
And we
were pleased to have the opportunity to buy back £1.2bn of
shares directly from the government.
The
government also continued to sell shares throughout the year
through its trading plan, which the Treasury recently announced it
will maintain until August 2025.
As a
result of these disposals, the government's shareholding is now
below 42 per cent, down from 52 per cent at the start of last
year.
This is
positive progress on the path to full privatisation.
As they
did during the COVID-19 pandemic, Alison and her leadership team
have continued to use the bank's Purpose to guide decision making
in a difficult operating environment; supporting our customers and
continuing to lend responsibly while growing the
business.
Alison
Rose
2022
presented another year of acute macroeconomic challenges, and
during this heightened uncertainty, it was as important as ever to
be guided by our Purpose.
We
delivered a strong financial performance as a Group - we reported a
pre-tax operating profit of £5.1 billion and a return on
tangible equity of 12.3%.
Income
was up around 30% and costs were down nearly 3%.
Lending
across our three franchises grew by 6.7% year on year, including
£45 billion of new gross mortgage lending and £25.4
billion of new climate and sustainable funding and
financing.
Crucially,
our all-weather balance sheet, with high levels of capital and
liquidity, and a diversified loan book means that we are well
positioned to navigate economic uncertainty, particularly in light
of recent market volatility.
I, and
my Executive team, continue to monitor the market movements closely
to ensure that we are well placed to continue supporting our
customers.
Despite
not seeing significant signs of financial distress or changes in
behaviour amongst our customers, we recognise that people are
struggling.
Last
year, we responded quickly and meaningfully to support our
customers and colleagues to navigate cost of living challenges. We
completed thousands of financial health checks, froze certain
tariffs to help SMEs, allocated £10 million of hardship
funding through our charity partners and provided around 60,000
colleagues with a £1,000 support payment.
Our
customers are at the heart of everything we do - and we will
continue ensuring our services meet their needs. 90% of our retail
banking customer needs are now met digitally and we have invested
£122 million into our mobile and digital
services.
But we
recognise our responsibility to provide services that work for all
our customers - including those who have challenges moving online.
There are more ways to bank than ever before with 16,000 points of
presence for our customers. Bank branches are, and will continue to
be, an important part of our services. We are investing £20
million in our existing branches while providing continuous
alternative services, such as our ongoing collaboration with the
Post Office, a dedicated support line for over 60s and support from
customer care experts such as our Community Bankers for our
vulnerable customers.
Our
Purpose-led strategy is working and we are continuing to make
strong progress across our core priorities of climate, learning and
enterprise.
Addressing
climate change is one of the biggest issues of our generation and
through funding, refinancing, and providing practical tools to help
people, families, and businesses to transition to net zero, we are
playing our part to support our customers, communities,
shareholders and the planet.
In
2022, we became the first UK bank, and one of the largest banks
globally, to have science-based targets validated by the Science
Based Targets initiative. These underpin the initial iteration of
our Climate Transition Plan, which outlines the steps we aim to
take to at least halve the climate impact of our financing activity
by 2030 and achieve our net zero climate ambition by
2050.
And we
are determined to ensure our capital is being used to support the
transition to net zero while reducing the financing of harmful
emissions. We are also offering green financing options and
practical tools for our customers to support a sustainable
transition to a low carbon economy.
Entrepreneurs
are the lifeblood of the UK economy, and we continue to build on
our position as the leading high street bank for business. Through
initiatives like our 13 free accelerator hubs across the country,
we now have the highest market share among businesses younger than
two years old, and continue to provide expert support for high
growth companies as well as those wishing scale up
support.
In
March, we were the first European financial institution to issue a
social bond specifically designed to lend to women-led businesses -
a further demonstration of our unwavering commitment to increasing
the number of female-led business in the country.
We are
a learning organisation, and are committed to breaking down the
barriers for people to succeed. Through our MoneySense and
CareerSense schemes, we continue to champion learning and ensure
young people develop the financial literacy and employability
skills needed to meet their potential.
We have
also been delighted to collaborate with footballer and campaigner
Marcus Rashford MBE and the National Youth Agency to provide
NatWest Thrive, a unique and innovative programme for young people
to develop their self-belief as well as their money
confidence.
The
growth of the economy is inseparable from the growth of our
nation's children, and so I am immensely proud of our new
market-leading partner leave policy which supports all eligible
colleagues with significantly more time away from work to help
their partner look after their new child, whether the child has
arrived through birth, adoption, or surrogacy.
And
just last month, we had the pleasure of hosting the first meeting
of the Princess of Wales's Business Taskforce for Early Childhood
at our London Office.
These
actions , driven by our purpose, are not just the right thing to do
but are also key to building a profitable organisation. We are
creating ever closer and deeper relationships with our customers at
every stage of their lives.
Our
all-weather balance sheet, and financial strength means that we are
well positioned to respond to new and emerging trends that are
shaping the future of our customers' financial lives. And we will
continue to seek opportunities to drive future growth through three
targeted areas:
Firstly,
we will increase our personalised engagement with customers as
their lives and finances become increasingly complex.
Secondly,
our customers are spending more time on digital platforms, and so
we will embed our services into our customers' daily
lives.
And
thirdly, we have a huge role to play to support our customers to
tackle the climate challenge head-on and transition to a more
sustainable low carbon economy.
2022
has once again shown the importance of being a purpose-led bank.
But it has also shown us what it takes to be
purpose-led.
As we
look to the future, we do so with confidence. Against a volatile
economic backdrop, we continue to demonstrate the strength and
resilience of our business, delivering a strong financial
performance whilst proactively supporting our customers and
communities, and laying the foundations to grow.
Forward-looking statements
This document may include forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, such as statements that include, without limitation,
the words 'expect', 'estimate', 'project', 'anticipate', 'commit',
'believe', 'should', 'intend', 'will', 'plan', 'could',
'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal',
'objective', 'may', 'endeavour', 'outlook', 'optimistic',
'prospects' and similar expressions or variations on these
expressions. These statements concern or may affect future matters,
such as NatWest Group's future economic results, business plans and
strategies. In
particular, this document may include forward-looking statements
relating to NatWest Group plc in respect of, but not limited to:
its economic and political risks, its regulatory capital position
and related requirements, its financial position, profitability and
financial performance (including financial, capital, cost savings
and operational targets), the implementation of its purpose-led
strategy, its environmental, social and governance and climate
related targets, its access to adequate sources of liquidity and
funding, increasing competition from new incumbents and disruptive
technologies, its exposure to third party risks, its ongoing
compliance with the UK ring-fencing regime and ensuring operational
continuity in resolution, its impairment losses and credit
exposures under certain specified scenarios, substantial regulation
and oversight, ongoing legal, regulatory and governmental actions
and investigations, the transition of LIBOR and IBOR rates to
replacement risk free rates and NatWest Group's exposure to
operational risk, conduct risk, cyber, data and IT risk, financial
crime risk, key person risk and credit rating
risk. Forward-looking
statements are subject to a number of risks and uncertainties that
might cause actual results and performance to differ materially
from any expected future results or performance expressed or
implied by the forward-looking statements. Factors that could cause
or contribute to differences in current expectations include, but
are not limited to, future growth initiatives (including
acquisitions, joint ventures and strategic partnerships), the
outcome of legal, regulatory and governmental actions and
investigations, the level and extent of future impairments and
write-downs, legislative, political, fiscal and regulatory
developments, accounting standards, competitive conditions,
technological developments, interest and exchange rate
fluctuations, general economic and political conditions and the
impact of climate-related risks and the transitioning to a net zero
economy. These and other factors, risks and uncertainties that may
impact any forward-looking statement or NatWest Group plc's actual
results are discussed in NatWest Group plc's UK 2022 Annual Report
and Accounts (ARA) and its
other public filings. The forward-looking statements contained in
this document speak only as of the date of this document and
NatWest Group plc does not assume or undertake any obligation or
responsibility to update any of the forward-looking statements
contained in this document, whether as a result of new information,
future events or otherwise, except to the extent legally
required.
Legal Entity Identifier:
2138005O9XJIJN4JPN90
Date: April
18, 2023
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NATWEST
GROUP plc (Registrant)
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By: /s/
Jan Cargill
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Name:
Jan Cargill
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Title:
Chief Governance Officer and Company Secretary
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