Published Date:
12 January 2009
A FRESH bid has reportedly been launched for Royal Bank of Scotland's insurance businesses.
Patrick Snowball, the former head of Norwich Union, has reportedly teamed up with private equity firms BC Partners and Apollo Management to mount a £7 billion bid for the businesses, which include household names like Direct Line and Churchill.
But Stephen Hester, RBS's new chief executive, is believed to favour retaining the insurance firms, which last year made almost £1bn in pre-tax profits.
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Last Updated:
11 January 2009 9:03 PM
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Source:
The Scotsman
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Location:
Edinburgh
