RBS appoints sale advisers

 

RBS appoints sale advisers

first_imgThursday 28 October 2010 9:34 pm Tags: NULL whatsapp Read This NextRicky Schroder Calls Foo Fighters' Dave Grohl 'Ignorant Punk' forThe WrapCNN's Brian Stelter Draws Criticism for Asking Jen Psaki: 'What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd's Roger Waters Denies Zuckerberg's Request to Use Song in Ad:The Wrap'The View': Meghan McCain Calls VP Kamala Harris a 'Moron' for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman 'Reached Out' for a JobThe Wrap'Sex and the City' Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of 'Corruption and Verbal Abuse'The Wrap Show Comments ▼ Share whatsapp GOLDMAN Sachs and Morgan Stanley will decide the fate of Royal Bank of Scotland-owned (RBS) Churchill, Direct Line and Green Flag.RBS has been ordered to sell the insurance arm as part of the fallout of the financial crisis, which saw the government take an 83 per cent stake in the bank.Yesterday RBS announced it had appointed the advisers to decide whether the division will be floated or offloaded in a trade sale.A float had looked the most likely bet but it is now thought a trade sale would be the safest option, given the volatile IPO market.Warren Buffett’s Berkshire Hathaway and US group Allstate have been earmarked as potential suitors in a trade sale.Sources close to the bank told City A.M. a decision will be made in the latter half of 2012. Until that time a “dual track approach” will be taken to assess which of the options will most benefit the bank.A final sale of the unit, which recently swung to a £253m loss, must be completed before 2014. RBS declined to comment last night.The bank has already sold 318 of its branches to Santander. Lloyds Banking Group is due to sell 600 branches under the same ruling. KCS-content RBS appoints sale advisers last_img

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