The chief executive of Coutts has resigned with immediate effect after the private bank closed Nigel Farage’s accounts because his views were at odds with the lender’s “values”. 

Peter Flavel, who became boss of Coutts in 2016, said the treatment of Mr Farage had “fallen below the bank’s high standards of personal service.”

Paul Thwaite, the interim chief executive of NatWest, which owns Coutts, said: “I have agreed with Peter Flavel that he will step down as Coutts CEO and CEO of our Wealth Businesses by mutual consent with immediate effect. 

“Whilst I will be personally sorry to lose Peter as a colleague, I believe this is the right decision for Coutts and the wider group.”

Mr Flavel’s exit comes less than two days after Alison Rose stepped down as NatWest chief executive amid the row with Mr Farage. 

 Mr Flavel said: “I am exceptionally proud of my seven years at Coutts and I want to thank the team that have built it into such a high performing business.  In the handling of Mr Farage’s case we have fallen below the bank’s high standards of personal service.  As CEO of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.”