NatWest has secured approval to establish a representative office in Connecticut, marking its first significant attempt to expand in the US since the financial crisis as changes to UK banking rules ease restrictions on overseas operations.

As first spotted by The Financial Times, the US Federal Reserve approved the London-based lender’s application on 20 August for an office in Stamford that will act as a liaison with existing and prospective customers in the country. The new presence will enable NatWest to market products to American clients and build relationships with US companies, while its existing Stamford broker-dealer continues executing trades for institutional customers.

The approval follows changes to the UK’s ringfencing regime that came into force in February 2025. The reforms eased restrictions that had prevented ringfenced banks from establishing branches or subsidiaries outside the European Economic Area, reversing rules introduced after the 2008 financial crisis.

Former chancellor Rachel Reeves said in a 2025 speech that she was pursuing “meaningful reform of the UK’s ringfencing regime”, arguing that changes were needed to tackle inefficiency and support growth while maintaining protections for financial stability and customer deposits.

NatWest’s renewed international ambitions follow its return to full private ownership last year, when the government completed the sale of its remaining stake following the £45.5 billion bailout of the lender during the financial crisis. The bank has since pursued diversification, including its £2.7 billion acquisition of wealth manager Evelyn Partners this year.

The lender’s US strategy comes as higher interest rates have strengthened the profitability of Britain’s largest banks. Lloyds, NatWest, Barclays and HSBC generated a combined £29 billion in pre-tax profit during the first half of 2026, giving lenders greater scope to reconsider international expansion.

Lloyds Banking Group is pursuing a similar strategy, with plans announced in July to increase North American operations to 30 per cent of revenues in its corporate and institutional banking division by 2030. Chief executive Charlie Nunn said the bank had “some exciting growth to do” as it outlined its broader international expansion plans.

NatWest’s return to the US represents a reversal of the strategy pursued by its former parent name, RBS, after the financial crisis. RBS had entered the market in 1988 through Citizens Financial Group and expanded through acquisitions, but its near-collapse forced it to unwind its international operations, completing its exit from Citizens in 2015.

The bank has since maintained only a limited US presence focused on serving British companies operating there. Its wider international footprint now includes a German branch and non-bank operations in India, Finland, Sweden and Switzerland.

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