Swiss Re bids for RBS Insurance division
Swiss Re and private equity firm CVC Capital Partners are making a joint bid for a majority stake in the Royal Bank of Scotland’s (RBS) British insurance assets.
UK media reports say the bid for a 51% stake is valued at more than £3 billion ($7.3 billion).
RBS Insurance is Britain’s second-largest general insurer and has been seeking buyers for months as it looks to shore up its balance sheet. It is currently seeking £20 billion ($49 billion) in new capital.
The bank is set to be partly nationalised as part of the UK Government initiative to stabilise it and fellow UK banks Lloyds TSB and HBOS.
UK media reports say the bid for a 51% stake is valued at more than £3 billion ($7.3 billion).
RBS Insurance is Britain’s second-largest general insurer and has been seeking buyers for months as it looks to shore up its balance sheet. It is currently seeking £20 billion ($49 billion) in new capital.
The bank is set to be partly nationalised as part of the UK Government initiative to stabilise it and fellow UK banks Lloyds TSB and HBOS.