Zurich pulls out of bidding for bank’s insurance arm
Zurich has announced it is out of the running to acquire the Royal Bank of Scotland’s insurance division, whittling the list of potential suitors to three.
The group says it has withdrawn from further discussions after completing a detailed review of the company.
UK reports say German giant Allianz and US insurers Allstate and Travelers remain in the race to acquire the division, which is expected to fetch up to £7 billion ($16 billion).
RBS has given potential buyers until the end of the month to finalise offers.
The group says it has withdrawn from further discussions after completing a detailed review of the company.
UK reports say German giant Allianz and US insurers Allstate and Travelers remain in the race to acquire the division, which is expected to fetch up to £7 billion ($16 billion).
RBS has given potential buyers until the end of the month to finalise offers.