Thu, 21 Apr 2011 | DIVISION SALE
The Royal Bank of Scotland Group has announced a schedule for the sale of its insurance arm, intending for it to be sold during the second half of 2011.
The company's chairman, Phillip Hampton, made the announcement at the bank's annual general meeting on Tuesday. He said that the insurance part of the business had been experiencing particularly tough trading conditions of late and they had been keen to pin down a sale schedule.
The RBS insurance division includes some of the most high-profile brands in the UK, including Churchill Insurance, Direct Line and the specialist car insurance brand, Privilege. It has been looking for a buyer for the insurance division since the height of the credit crisis in 2008.
Mr Hampton told the meeting that the sale was part of the company's comprehensive process of divesting the non-core assets from the old Royal Bank of Scotland business.
"RBS Insurance also had a difficult year, not helped by the terrible weather in the run-up to Christmas, but management actions are beginning to turn the business around and underlying profitability is coming back toward more acceptable levels," he explained.
He called the work they had done on selling the non-core assets so far "a significant achievement", explaining that they had reduced it by £120 billion since 2008.
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