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The high street lender NatWest Group is considering rejoining the CBI as it weighs taking part in a rescue funding package to salvage the business group’s future.
Sky News has learnt that the prospect of the CBI re-engaging with the government has persuaded NatWest to mull a resumption of its subscription.
A final decision has yet to be taken, and some insiders remain sceptical about the move, but if confirmed, it would represent a major boost to the lobbying group’s survival prospects.
NatWest was among the major companies – alongside the likes of Aviva and John Lewis Partnership – which terminated their membership in the spring after the emergence of a sexual misconduct scandal.
None of the other major high street banks cancelled their membership at the time.
Earlier this week, Sky News revealed that the chancellor, Jeremy Hunt, had agreed to meet the CBI in the run-up to November’s autumn statement – making him the first cabinet minister to do so in months.
One source said that prospective re-engagement had persuaded NatWest to reconsider its exit from the group.
Treasury sources confirmed that Mr Hunt would attend a meeting five months after he declared that there was “no point” engaging with the CBI.
On Wednesday, CBI president Brian McBride and director-general Rain Newton-Smith told members they were confident of addressing its short-term financing challenges.
City sources said NatWest, Lloyds Banking Group and HSBC were all in talks about providing several million pounds of short-term financing.
They cautioned, however, that a deal had yet to be agreed and that the situation remained…
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