elevangelist Pat Robertson and his new partner, Bank of Scotland, have announced that they will be selling shares in an internet banking service which according to financial sources "could be worth billions of dollars," and a possible hot IPO (Initial Public Offering).

   In March, the prestigious Bank of Scotland -- that country's second largest financial institution -- announced that it was forming a joint venture with Robertson to establish a suite of virtual financial services. That news came amidst a flurry of other news linking the Christian Coalition founder to business deals, including his appointment to the board of the once-trendy Laura Ashley firm and his involvement with the resurrection of the old Powerine oil refinery near Los Angeles.

   The announcement by Bank of Scotland generated a wave of protests in the UK by religious groups who disagree with Robertson's political agenda, as well as gays and others.

   The Sunday Business newspaper is reporting that Bank of Scotland and Robertson plan to promote their new internet financial service on the NASDAQ exchange. Robertson predicted that the venture "would be a hot initial public offering" and, that his partners at Bank of Scotland "could be assured that with me it would be a runaway success..." Toward that end, Robertson has reserved the name "Bank Direct USA" as the moniker for the new venture, which both Sunday Business and the Bloomberg financial report describe as possibly generating value "worth billions of dollars."

   While initial news coverage in the financial press suggested that this new partnership involved Robertson as a private individual, Reuters news service is reporting that Christian Broadcasting Network is a player. CBN produces Robertson's folksy "700 Club" program carried on cable outlets through the world.

   Bank of Scotland will reportedly have 60% of the action in the new virtual bank, which would do business over the internet and by telephone. Robertson's share amounts to 25%, with the remained going to a Milwaukee firm that will handle the processing transactions. The partners are investing a reported $50 million in the venture; Robertson told Sunday Business that the new bank hopes to reach $3 billion deposits within three years.

"Robertson predicted that the venture would be a hot initial public offering, and that his partners at Bank of Scotland could be assured that with me it would be a runaway success..."

   In other news, Robertson's move into the once-trendy Laura Ashley company has resulted in a corporate shakeup. The company was an international success story during the 1970s and 1980s, but declined during the 1990s due to poor management and over-expansion. Robertson, who owns 2 million share in the company, was named the board of directors earlier this year, amidst a revolving door for the company's CEOs, a 44% drop in stock value in the last 12 months, and losses of $81 million on the books.

   The restructuring of Laura Ashley involved bringing to the helm of the company a new Chief Executive Office, Kwan Cheon Ng of Malayan United Industries (MUI). MUI purchased 40% of Laura Ashley stock in the deal. As reported earlier by AANEWS, MUI is a partner in China Entertainment Broadcast, Ltd., an Asian firm which provides "no news, no sex, no violence" cable TV programming throughout that region, including over 500 cable systems in the Peoples' Republic of China. Other principles in CET include Robertson and the powerful Riady family of Indonesia, who control the Lippo financial group and have been mentioned in connection with "soft money" political scandals in the U.S.

   Last week, Laura Ashley Holdings announced that it was selling its U.S. holdings to MUI for $1. That move writes off $34.4 million in debts. Ashley has also announced that it will now be raising new capital to stabilize its UK and European operations, promising a return underwritten by MUI and a private firm known as Bonham, controlled by Ashley chairman Kay Peng Khoo.

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