The millionaire boss of one of the UK's largest banks has been robbed of his cash card at a hole-in-the-wall machine.

Sir George Mathewson, chairman of the Royal Bank of Scotland, was the target of a scam as he took money from a cash dispenser in London.

Two conmen stood behind him as he took out cash at the machine before telling him he had dropped a �5 note.

When the banker looked down, the thieves grabbed his cash card as it came out of the machine and ran off.

Sir George, whose pay packet amounted to more than �1.2m last year, immediately cancelled his card and reported the matter to the police.

Public warning

A spokesman for the Royal Bank of Scotland said: "They didn't manage to get any money because Sir George immediately reported his card as being stolen and also reported the matter to the police.

"The men said to Sir George that he had dropped a note on the ground.

"He looked down but he realised it wasn't his because it was an English note and he only had Scottish notes.

"He said to them that it wasn't his but at that point one of them grabbed his card and ran off."

The spokesman warned customers to always be on the alert when taking money out at cash dispensers.