NatWest Group, the bank formerly known as RBS, on Monday announced a £20 billion funding commitment over the next 10 years to drive economic growth across the North of England, “supporting the UK’s ambitions to build stronger, more productive regional economies. “
The commitment was announced by NatWest Group’s CEO Paul Thwaite at the Great North Investment Summit, convened in collaboration with the northern mayors and sponsored by NatWest.
The bank said the investment underlines its role “as a long-term partner to local and regional governments, businesses and investors, and forms part of the bank’s Growing Together plan to drive UK economic growth by backing powerful regions.”
NatWest said the £20 billion ambition will support investment “in areas that underpin regional growth and resilience, including energy, transport, infrastructure, regeneration and housing.”
The bank said it will do this by providing direct funding, sharing risk with partners and helping bring in investment from other sources. The banks ambition is to collaborate with Northern Combined Authorities including those in the process of being created to facilitate the mobilisation of private capital alongside public funding.
NatWest said this new commitment builds on its existing investment in businesses across the North of England, including Newcastle International Airport, where the bank supported the airport as part of a £364 million sustainable finance package, acting as sole debt advisor and a top tier lender, and Broadacres Housing Association (BHA) is a North Yorkshire‑based housing provider, headquartered in Northallerton, which owns and manages more than 6,800 homes across rural and coastal communities in the North of England.
With the support of a £106 million funding package from NatWest Group, Broadacres is set to expand its development programme. The funding combines long‑term lending with a revolving credit facility to give both stability and day‑to‑day flexibility and includes a social loan as part of NatWest Group’s £1 billion commitment to the housing sector.
Paul Thwaite, CEO of NatWest Group, said: “This commitment reflects our confidence in the North as a growth engine for the UK. We can see the strength of ambition across the region, and the scale of projects coming forward in housing, transport, energy and infrastructure.
“NatWest Group has deep roots in the North and an on-the-ground presence across its many communities, so we understand both the opportunity and what it takes to deliver it. Our role isn’t just to provide finance, it’s to connect capital with local ambition — working in partnership with combined authorities, business and investment partners to accelerate growth.”
Oliver Holbourn, CEO, at National Wealth Fund, said: “The National Wealth Fund is committed to driving economic growth as we transition to clean energy; while ensuring we develop the businesses, skills and capabilities that will be crucial to unlocking the future of the UK. That means, through providing investment and expert advice and supporting projects and local authorities, many of which are in our former industrial heartlands. NatWest Group’s approach very much aligns with these ambitions and we welcome it.”
Chair of The Great North, North East Mayor Kim McGuinness said: “Across the North, we have the talent, innovation and ambition to lead the UK’s next era of growth and prosperity. NatWest Group’s investment and commitment to the North shows us investors see the huge, untapped potential across the North of England and the massive prize on offer from backing our regions.”
Following the Summit, NatWest Group will continue to work with combined authorities and delivery partners to progress priority schemes and bring forward additional sources of private capital.