Equity eyes RBS insurance
AN international private equity firm is lining up a bid for Royal Bank of Scotland's insurance arm.
Texas Pacific Group is said to be keen on RBS's Churchill and Direct Line insurance names, but is pondering an offer for the entire business. Analysts put the value of the division at 8 billion.
No formal talks have been held with RBS, although TPG is said to be keen on a bid.
The insurance business was put on the market last week when RBS announced a 12 billion rights issue to increase its financial strength.
• Paul Idzik, chief operating officer at Barclays, is to leave the bank later this year. His resignation is said to have been partly down to its failure to win control of ABN Amro.
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Weather for Edinburgh
Tuesday 14 February 2012
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Cloudy
Temperature: 5 C to 9 C
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Temperature: 6 C to 10 C
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