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Pair lead RBS insurance race



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Published Date: 27 May 2008
EUROPEAN insurers Generali and Zurich Financial Services have emerged as favourites to snap up Royal Bank of Scotland's insurance businesses.
The Italian and Swiss firms are among those which expected to make bids of around £6 billion for Direct Line and Churchill by the deadline at the end of today.

Others that are understood to be interested include Germany's Allianz Group, China's Ping An and the Bank of China. A total of eight firms have been sent a sales memorandum, although one of those, Berkshire Hathaway, has already pulled out.

RBS put the businesses up for sale as it announced last month that it was asking shareholders for £12 billion of fresh funding through a rights issue.

The bank has come under pressure as the credit crunch continues to impact its business.





The full article contains 137 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

  • Last Updated: 27 May 2008 11:18 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
  • Related Topics: Royal Bank of Scotland
 
1

Mallory,

Edinburgh 27/05/2008 21:00:01
Oh yes...

 

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