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RBS set to hire mergers and acquisitions advisors

RBS considers selling insurance unit

31 August 2010

Royal Bank of Scotland (RBS) is set to appoint mergers and acquisitions advisors to review the future of its insurance division.

The firm, which owns Direct Line and Churchill, has previously considered floating shares on the stock exchange, but a source has told Reuters that a potential sale could be in the offering.

Last week, RBS reportedly reviewed the option of a sale with mergers and acquisitions consultants.

The Sunday Times has revealed that Warren Buffett's Berkshire Hathaway and American insurer Allstate may be interested in purchasing the unit for a discounted price.

RBS, which is 83 percent state-owned, has been order to sell a number of its non-core assets by the European Union after receiving a government bail-out package.  

A company spokesperson told Reuters that the group has until December 2013 to offload its insurance business, which reported a £253 million loss for the first half of the year. 

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