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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
NatWest (NWG LN) kicks off UK bank results season on 16-Feb; three things really interest us at this stage.
- Strategic direction; the current CEO is interim (12m initial term) and was appointed in Jul-23. He was key to the last major strategic review (2019) and no changes have been indicated yet but, whomever ends as permanent CEO, we may see further focus and efficiency brought to the group.
- The UK government still owns 35% of NatWest and has been selling down relatively consistently with little impact on the credit stack. We assume further sell-down without meaningful impact but that’s a longer-term game.
- NatWest is light on investment banking (credit positive) and one of only two banks really focused on the UK domestic market (with Lloyds), indications of which were good from Santander UK results on 31-Jan. Outlook for revenues as rates fall, and credit quality will lead the UK results season.
Results are 0700 (London) with 0900 analysts’ call at: https://natwest-events.zoom.us/webinar/register/WN_zNqnf_GJQECnJZgPA4hGAA#/registration
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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