NatWest yesterday scored a victory in the battle for the hearts and minds of the City, reports the Financial Times.
Michael Lever, a highly rated banking analyst at HSBC Securities, said the bank should remain independent. Lever had been heavily courted not only by NatWest but also by its suitors, Bank of Scotland and Royal Bank of Scotland. His argument, stating that a takeover would involve an unacceptable degree of risk, caused great irritation in Edinburgh.