|
|
Article: Ping An drops out of bidding for RBS's insurance business
- Article from:
- The Independent (London, England)
- Article date:
- May 30, 2008
- Author:
CopyrightCopyright 2008 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
|
Ping An, the Chinese insurer, dropped out of the running to buy
Royal Bank of Scotland's insurance business yesterday, leaving five
potential buyers for the parent of Direct Line, Churchill and
Privilege.
Ping An joined Warren Buffett's Berkshire Hathaway and Generali
of Italy in turning down the chance to buy the business, which RBS
values at about 7bn excluding joint ventures. It had been thought
that Ping An might want to buy RBS Insurance to diversify and to
copy its top-notch systems for selling through the internet and
other direct channels for use in China.
Those remaining in the bidding process are Zurich Financial
Services; Allstate, Travelers, American International Group of the ...