Cheap car insurance news
17/07/2008
RBS may be forced to lower price of motor insurance arm
The Royal Bank of Scotland remained optimistic about the sale of its insurance division, which includes several of the UK's best-known motor insurance companies, despite Zurich officially withdrawing its interest following "a detailed review of opportunities".
A spokesperson for RBS said that there was still definite interest in the acquisition of Direct Line, Churchill, Privilege and Green Flag from "a number of interested parties" but did not comment further.
Financial analysts have speculated that the withdrawal of Zurich may mean that RBS will have to face up to the insurance companies carrying a cheaper price than they had hoped. How this will affect cheap car insurance customers in the UK is, as yet, unclear.
Aside from the motor insurance arm, the bank has sold a large train-leasing company, raised billions of pounds in a rights issue, and is also trying to sell the Australian and New Zealand interests that it picked up in acquiring ABN Amro.
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