Royal Bank of Scotland has begun vetting potential advisers over the sale of its Direct Line subsidiary, prompting speculation that Warren Buffett might add the insurance business to his investment empire.
The billionaire investor’s Berkshire Hathaway group has reportedly expressed interest in Direct Line after RBS last week launched a beauty parade of investment bankers to handle any deal. RBS favours a flotation of the business but it is thought that heavy losses caused by car accident claims have increased the chances of a sale.
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Tags: business, Direct Line, insurance companies, Royal Bank of Scotland