Gadhia’s departure comes hot on the heels of that of Louis Kaszczak who quit his position as head of corporate distribution at RBS Intermediary Partners back in October.
Both Gadhia and Kaszczak are well known and respected figures in the industry. She is widely credited with being key to the One account’s development, having been at its helm for the past 12 years, while he was seen by many as the driving force behind the success of the First Active brand.
The bank has replaced Gadhia with Craig Donaldson who was previously commercial director of personal banking, and a management restructure will see per- sonal banking and mortgages being grouped together under chief executive of consumer ban-king Paul Geddes.
Gadhia’s resignation came less than a week after an internal memo by her was misinterpreted by staff who believed the One account was to be phased out and replaced with NatWest One.
RBS denied this was ever the case, claiming the memo outlined plans to develop the bank’s branch business by increasing the amount of the NatWest One product sold through branches.
An RBS spokeswoman says Gadhia’s resignation was a result of her desire to do something different after 12 years with the group.
But some industry pundits believe she may have been the victim of a management reshuffle and the lender’s waning appetite for the intermediary mortgage market.
One source predicts that RBS will continue its withdrawal from intermediaries and focus on branch-based business in 2007.
But an RBS spokeswoman says: “Mortgages are an integral part of our business and an area in which we have plans for growth.
“We are not big in mortgages but we see the opportunity and scope for growth. The intermediary market is important to us.”