Royal Bank of Scotland is unlikely to sell its insurance units after struggling to attract bids. The units, which include the Direct Line and Churchill brands, may not be sold as buyers are having difficulty with securing funding for acquisitions. The sale has been ongoing since April, and will continue into the new year. The asking price for the insurance division at the start of the aution was £7bn. Interested bidders including Zurich Financial have pulled out leaving US insurer Allstate, who has offered less than the asking price and buyout giant CVC, with an offer for half of the business.
