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Another Potential Bidder For RBS Insurance Division Pulls Out

As D-day approaches for the submission of bids for the RBS insurance division, valued in the region of £7 billion, it seems that interest in the asset is faltering. Italian giant Generali is the latest potential suitor to pull out of the auction amid concerns that the first deadline, Wednesday this week, may well see only a small number of bidders come to the fore.

While there are still some big names involved in the sale, the front runner at this moment seems to be Zurich which has more than enough cash to cover the acquisition. At this moment in time it still looks as though the sale will go through but whether they achieve their target of £7 billion remains to be seen.

Recent events in the UK financial sector have not be helpful for the sale with some concerned that the sector may be entering another sharp down phase as more problems rise to the surface. The situations with Bradford and Bingley, the ongoing RBS fund raising and the recent antitrust raids have all added to the doom and gloom in the sector.

As we have mentioned on a few occasions, the next few days are vital for the sector.

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