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RBS offered £4bn for insurance division
Royal Bank of Scotland (RBS) has been offered £4bn for its insurance arm by private equity group CVC Capital Partners.
According to the Mail on Sunday, the offer for Royal Bank of Scotland Insurance (RBSI), owner of brands including Direct Line, Churchill and Privilege, had been received "in the past few weeks".
RBS, currently 83% owned by the government after the 2008 banking crisis, has been ordered by the European Union to sell the insurance division.
The article quoted an RBS source who confirmed that despite plans to float RBSI it was "open to a trade sale".
This piece originally appeared on COVER's sister site Insurance Age.
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