Royal Bank of Scotland will today learn which of seven suitors are throwing their hats into the ring for its insurance business, potentially sparking a £7.5bn bidding war, as the group looks to offload the asset by the end of the summer, The Independent reports.
This comes as rival banking group Barclays announced it was considering selling its life assurance business, after saying it was not a core operation. Today is the deadline for interested parties to lodge indicative proposals for RBS's insurance business, which has been valued at between £6bn and £7.5bn. With bidders pushing the deadline to the limit, RBS had not received any proposals yesterday. One source close to the group said: "We were told not to expect anything until Wednesday." RBS declined to comment on the timing and identity of potential bidders yesterday. THE TREASURY IS st...
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