CVC Capital Partners, a private equity group, has offered approximately $6.5 billion for RBS Insurance (RBSI), the insurance arm of the Royal Bank of Scotland (RBS), Reuters reports citing The Mail on Sunday. RBSI is U.K.’s leading motor insurance company and uses the Direct Line and Churchill brands.
RBS has become 83 percent government-owned after a tax-payer financed bailout in 2008. Consequently, the insurance arm had to be put on the block to placate European regulators.
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