And it will probably bid for Gartmore, a big fund manager owned by National Westminster Bank.

ECONOMIST: British insurance

Mr Saib then paid the cheque into his own account at National Westminster Bank's Cromwell Road branch.

ECONOMIST: Lord Archer

So busy are most investment banks, after Bank of Scotland's bid for National Westminster Bank, that finding an analyst able to comment on British banking is about as easy as finding British beef on a French dining-table.

ECONOMIST: Spoilt for choice

He was unhappy about the acquisition of National Westminster by Royal Bank of Scotland, because of the degree to which the pair dominates the small-business market in north-west England.

ECONOMIST: British banking