NatWest has confirmed it will relocate its Welsh headquarters to the One Central Square office building in the heart of Cardiff, marking a significant investment in the region. The move from its current base at One Kingsway will also bring together its private banking and wealth management arm, Coutts, and its business start-up support accelerator hub under one roof.
New office space and occupancy
The bank is taking a floor in the now fully let 136,000 sq ft building, previously occupied by law firm Blake Morgan, which remains in the building on a smaller footprint. The new 7,000 sq ft office will provide desk space for up to 70 employees, in addition to a client meeting and event suite. NatWest expects to take occupancy in the final quarter of the year, with refurbishment work already underway.
Strategic importance for Wales
Paul Thwaite, chief executive of NatWest Group, said: “Our investment in a new NatWest Cymru head office is a statement of our confidence and our ongoing commitment to Wales. We have supported Welsh customers for generations and we want to continue to be a partner in its future – with expert teams that understand the needs and ambitions of our customers across the country.” He added that backing powerful nations and regions is central to the bank's growing together strategy.
Jessica Shipman, chair of the NatWest Cymru board, said: “Being based at One Central Square puts us right at the heart of the Welsh economy - so we can back the people, businesses and entrepreneurs driving growth across the nation. NatWest has been part of Wales’s story for more than 200 years. While the economy has changed over that time, our role has remained the same - supporting customers, businesses and communities across the country, and helping them succeed.” She confirmed that the Queen Street branch will remain open for everyday banking.
Accelerator hub and entrepreneurial support
The accelerator hub, previously located in One Central Square before moving to One Kingsway, will return to the building. Siwan Rees, NatWest accelerator manager, said: “Moving our accelerator hub to One Central Square marks a powerful new chapter for NatWest Cymru and the entrepreneurs we support. While our journey began years ago in our original Cardiff location, this investment in a new, state-of-the-art space signals our continued belief in the ambition and potential of Welsh business.”
Government and economic impact
Cabinet Minister for Enterprise, Connectivity and Energy, Adam Price, commented: “A thriving business district in our capital city is essential to Wales’ economic prosperity, and NatWest Cymru’s decision to establish its new Welsh headquarters at One Central Square demonstrates strong confidence in Cardiff’s property market and in Wales as a whole.” He noted the government's commitment to fostering entrepreneurship in Wales.
The relocation follows a similar move by professional advisory firm PwC, which recently relocated its Welsh HQ from One Kingsway to One Central Square, taking 33,500 sq ft of space vacated by car finance firm Motonovo for around 400 staff. One Central Square is owned by Middle Eastern investors and asset managed by Knight Frank, who also act as letting agents through their Cardiff office.
