Clearance sale, everything must go. That is the underlying theme behind Government plans to create three new high street retail banking chains from the part nationalised RBS and Lloyds TSB and the wholly state owned Northern Rock.
Direct Line is the crown jewel of Royal Bank of Scotland’s (RBS) insurance businesses. The sale of RBS’s insurance operations was first tried last year, but the bank’s greedy £7 billion price tag proved too much for rival insurers.
Life insurance: News update: 2 November 2009