Insurance companies will be auctioned off

Thu, 01 May 2008

The Royal Bank of Scotland, one of the largest financial services groups in the UK, may auction off some of their key insurance company brand names and assets in a bid to raise new equity .

RBS are looking for £12 billion of new equity, the largest rights issue in UK history. Insurance companies being auctioned off include Direct Line . In a bid to appease shareholders and return to a core banking strategy, RBS are thought to be auctioning off key insurance brands, including companies that offer life insurance .

RBS own insurance companies such as Churchill, Green Flag, Privilege, NIG, Nat West Insurance and also underwrite Tesco insurance policies. Major potential buyers are all though to be eyeing up the possibilities.
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