Royal Bank of Scotland to close half of its insurance offices
In a rather disappointing and surprise move it has been announced that Royal Bank of Scotland will be closing half of its insurance offices with Glasgow, Peterborough and Bristol earmarked for closure. This will result in well over 1000 jobs being lost amid signs that the company is looking to trim down its insurance operations, which include Churchill and Direct Line, ahead of a forced sale by the European Commission.
The company has already tried unsuccessfully to auction the two main insurance divisions although due to the fact that the UK government stepped forward with significant taxpayer backing it is now being forced to push these two operations towards new owners. When you consider that Churchill and Direct Line have been two of the most successful subsidiaries of Royal Bank of Scotland it seems rather bizarre that the company is being forced to sell the crown jewels to pay down debt and abide by EU state funding regulations.
There will no doubt be a number of competitors already looking over the books of these two operations which are two of the best known in the UK and two of the most successful.
Share this..
Related stories
Approval granted for UK's first Islamic insurance firm
Regulatory approval has been granted for the first ever specialist Islamic insurance provider in the UK, it has been announced. Principle Insurance has been cleared for business by the Financial Services Authority and will offer home insurance and motor insurance products. In keeping with Shariah law, the firm will not use interest and will shun investments in sectors that contravene Islamic princ...
Read MoreRetailers attack Alistair Darling's plans for credit insurance
As the UK retail sector continues to struggle against a background of falling consumer spending, increasing costs and low business levels it looks as Alistair Darling's plans for Wednesday, with regards to the sector, have not gone far enough. It has been widely leaked in the press that the UK government is keen to address the situation whereby a number of retailers in the UK have had their credit...
Read MoreWhen should you realign your assets?
Over the last few months the UK stock market has performed admirably even though the UK economy has not matched this particular feat. However, a number of investors in the UK have seen their investments rise significantly over the short to medium term and many are now starting to look into potentially realign their assets and possibly taking profits where possible. This prompts the question, when...
Read MoreWhat is happening with the asset protection scheme?
Each day brings new rumours regarding Royal Bank of Scotland and Lloyds bank and the company's involvement in the UK government's asset protection scheme. First we hear that both companies are very keen to become involved and then we hear they're looking to backtrack and either reduce their exposure or leave the scheme altogether. So what exactly is going on?
When the UK government...
Have you considered pet insurance for your four-legged friend?
The UK has long been renowned as a pet loving nation and while pet insurance has increased in popularity over the years, there are still a significant number of pet owners who have not even considered let alone taken out pet insurance. Anybody who has taken their pet to the vet over the last few years would have seen a substantial increase in general veterinary care costs but what about specific o...
Read More