Tim Jones, the Natwest Group officer who co-invented the Mondex smart card system, has been promoted to managing director of retail banking at Natwest UK, the group's London-based banking unit.

Mr. Jones, who stepped down as chief executive of Mondex International when that unit was incorporated in July, will be responsible for Natwest's network of more than 2,000 branches and a work force of 30,000.

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