By Liam Deegan
Denis, the government’s favourite businessman, has quietly confirmed that he is to go into banking. Yep, I jest you not one bit…Denis let it quietly slip while in Davos, back in December that he was planning on entering and in fact going into competition with existing banks. This apparently isn’t just a project for Ireland as he has begun to focus his gaze on several South American countries with less than optimal banking facilities.
He also highlighted that Central Bank’s don’t like his business model because he is going to use technology to usurp existing banks by initially becoming a payments processor and taking deposits and then moving into lending. What he didn’t say as to whether he was going to be an online bank like Rabo Direct or buy an existing bank which requires a far larger investment in every sense of the word.
However, it is ironic that Denis’s friend and Finance Minister Michael Noonan is looking to offload AIB as soon as possible this year and has already engaged the usual friends (with their hands out) of government to “consult on the sale”.
Not sure whether to congratulate him or not for taking on the Central Bank in the first place but one things for sure… AIB will be sold very cheaply if Denis wants it!!