| National Westminster Bank is one of the
largest high street banks in England. This Bank contributed to
the demise of thousands of businesses in the late eighties and
early nineties. In the late 1980's, Natwest lost millions of
pounds by lending to economically less developed countries
because of massive recession in Western Europe and the United
States. For example, it sold its debt at 19p for a pound to a
country like Poland. In order to recover from its bad debts
and foolish decisions by its management, the Bank embarked on
the policy of excessive overcharging, making mistakes which
led to deceitful acts by its officers. In some cases, it
plainly led to fraud. In particular, the Bank targeted small
and individual businesses that were unable to fight the Bank's
massive bureaucracy.
All these mistakes happened mainly under
the leadership of Lord Alexander of Weedon Ex-Chairman and Mr. Derek
Wanless Ex - CEO.
Ethical
Business Practice was a competition co-sponsored by Natwest
Bank for young people but factual story ahead tells hypocrisy
in Natwest bank practices. Mr. Derek Wanless
(ousted on 8 October 1999) was one of the judges of this
competition. Sir David Rowland (now Ex-CEO)
who took over the position of Chairman and Chief
executive sacked Mr. Wanless with nearly $5 million
payment after this web site appeared on the Internet.
The Royal Bank of Scotland (RBOS)
took over Natwest Bank in a hostile and contested bid
in February 2000. These banks spent in the region of $200-300
million in payments to their advisors in this contested
bid.
The Board of Directors of RBOS disposed of Sir David Rowland, chairman,
and Mr. Ron Sandler, chief operating officer, of Natwest Bank after their very
short stewardship (less than 6 months) of Natwest Bank. Both received a payment
of over $1 million each.
The top positions of The Royal Bank of Scotland Group in March 2000 were:
- Viscount Younger of Leckie, Non-executive Chairman
- Sir George Mathewson, Executive Deputy Chairman
- Mr. Fred Goodwin, Chief Executive
- Mr. Iain Robertson, Chief Executive Corporate banking and treasury business
- Mr. Gordon Pell, Chief Executive Retail banking and small businesses
- Mr. Larry Fish, Chairman, President and Chief Executive Officer of
Citizens Financial Group
Sir George Mathewson
An email dated 11 February 2000 was sent to Sir George with the following
questions: 1. What would be your policy in improving services for customers and small
businesses of Natwest Bank?
2. Are you going to take over liabilities, deceitful and negligent acts that
happened under current management of Natwest?
3. Will you dismiss staff members of Natwest Bank named in my web site?
The above questions have not been answered by RBOS.
People around the world send their complaints and/or comments about Natwest
Bank with hundreds of emails/faxes. It is now the responsibility of top officials
of the Royal Bank of Scotland Group. What bothers me is that none of the executives
have a clear and practical policy in improving the bureaucratic dealings
of complaints while some of the officials have been paid millions of dollars
for their incompetence, bureaucratic and unethical practices.
Why don't they ask people who have practical experience and suggestions in
this respect as how to cut down bureaucracy and improve service within their company!
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