It was reported in the Mail on Sunday (May 6th 2007) that the insurance arm of the RBS (Royal Bank Scotland) may be for sale and certain buyers were being “lined” up for this potential £8bn purchase.
It was reported that investment banks had approached a number of potential buyers, with a view of presenting a bid to the RBS.
The RBS insurance division consists of Churchill, Direct Line, Green Flag and other respectable well known brand names within the UK market and made £750m profit last year.
The RBS itself has been attempting to finalise a deal with ABN Amro this month, which may cost £50m, names that have been associated with the RBS purchase are AIG, AXA, Morgan Stanley, Zurich and Alliance. It was claimed that is chief executive Sir Fred Goodwin’s bid for ABN Amro was successful, then its international standing will mean it UK operation will have less importance.
So is it for sale? Lets wait and see
June 30, 2007
Royal Bank of Scotland Insurance Arm for Sale?
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