The Royal Bank Of Scotland is expecting to raise £6bn through the auction of its insurance businesses, which include household names Churchill and Direct Line.
The banks advisers Goldman Sachs and Merrill Lynch, have excluded private equity firms from the sale that is reported to have attracted seven bidders so far, with a deadline tomorrow for first round bids.
Zurich, Allianz and Generali (Italy) are thought to be among the bidders, with Chinese insurer Ping An a possible contender.
The sale includes the 50/50 venture in Tesco Personal Finance, with the supermarket chain likely to be interested in acquiring the RBS stake.
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