News Tag: insurance arm

February 5, 2009

RBS warned over large bonuses

by Kay Murchie
Business Secretary Lord Mandelson has warned the Royal Bank of Scotland (RBS) about its intention of offering “exorbitant” bonuses to staff. According to a report in The Times today, RBS plans to pay staff tens of millions of pounds in bonuses. In 2007, the investment banking arm of RBS, a division known as global banking and markets (GBM), paid out £1.8 billion ...

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January 13, 2009

RBS set to announce disposal of Bank of China stake

by Kay Murchie
According to reports, the Royal Bank of Scotland (RBS) is set to announce the sale of its 4.3% stake in Bank of China, which is valued at over £1.8 billion. The rumour of the sale has brought with it speculation that similar transactions will arise. Late last year, Swiss bank UBS sold its entire 1.5% stake in Bank of ...

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January 11, 2009

RBS looks to dispose of estate of pubs

by Kay Murchie
It has been reported that the Royal Bank of Scotland (RBS) is looking to dispose of its 1,000 pub estate, which is estimated to be worth £600 million. The leased and tenanted outlets were acquired from Scottish & Newcastle (S&N), the brewer now controlled by Heineken, in early 2000 for approximately £450 million. With the current difficult market conditions, analysts ...

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July 11, 2008

Zurich withdraws from RBS insurance arm bidding

by Kay Murchie
A further bidder has withdrawn from buying the insurance arm of the Royal Bank of Scotland (RBS). Swiss insurer, Zurich Financial Services Group, has decided to opt out of the bidding. A source close to the situation said negotiations collapsed due to price. Zurich was prepared to offer up to £5.5 billion for all of RBS insurance, however, RBS was looking ...

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May 27, 2008

Sale of RBS insurance arm progressing

by Kay Murchie
The sale of Royal Bank of Scotland's (RBS) insurance business is pressing ahead with seven bidders interested. Goldman Sachs and Merrill Lynch, which are advising RBS, are believed to have shortlisted a number of interested parties for its £6 billion insurance business to seven, ahead of the first-round auction deadline tomorrow. However, the shortlist does not include any bids from private equity ...

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