NatWest is relocating its Welsh headquarters to One Central Square in Cardiff, a move that will also house its private banking and wealth management arm Coutts, as well as its business start-up support accelerator hub. The bank will occupy 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.
Strategic Relocation from One Kingsway
The relocation from its existing headquarters at One Kingsway brings NatWest into the heart of Cardiff's business community. The bank's new office spans 7,000 sq ft and provides desk space for up to 70 employees, in addition to a client meeting and event suite. The accelerator hub, previously located in One Central Square before moving to One Kingsway, will return to the building.
Leadership Comments on Commitment to 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 sits at the heart of 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." She noted that NatWest has been part of Wales's story for more than 200 years and that the bank's role remains supporting customers, businesses and communities across the country.
Accelerator Hub and Entrepreneur Support
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 Reaction and Building Details
Cabinet Minister for Enterprise, Connectivity and Energy, Adam Price, said: "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 added that the newly elected government is committed to fostering a strong culture of entrepreneurship in Wales.
One Central Square is owned by Middle Eastern investors and asset managed by property advisory firm Knight Frank, who are also the letting agents through their Cardiff office. Professional advisory firm PwC recently relocated its Welsh HQ from One Kingsway into One Central Square, taking 33,500 sq ft of space vacated by car finance firm Motonovo for around 400 staff. Work has now started to refurbish the new offices, with NatWest expected to take occupancy in the final quarter of the year. The bank's Queen Street branch will remain open as usual for everyday banking.
