Car insurance company news
17/06/2008

Tesco in talks to buy RBS motor insurance arm

Britain's largest motor insurance business - RBS Insurance - is set to have its 50 per cent stake in Tesco Personal Finance bought out by the supermarket giant.

News of the arrangement with the Royal Bank of Scotland Group business may not be announced until the 2008 Tesco shareholder's meeting planned for later this month (June 27), it has been reported in the UK media.

But talks are now underway, stated a Reuters report. If Tesco succeeds, the supermarket will apply for a licence to act as a bank.

Problems with ABN AMRO acquisition issues and the widely-reported credit crunch are reported to have played a part in RBS Insurance's need to start raising billions of pounds in extra funding.

A story in the Telegraph's online edition stated that RBS faces difficulty selling the profitable insurance arm - including car cover firms Direct Line and Churchill - because it is asking too much, quoted to be as high as £7 billion.

But all signs are now that it is making good progress selling the motor insurance business to Tesco.

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