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Bidding set to close for RBS insurance arm

Today is understood to be the deadline for bidders to submit offers for Royal Bank of Scotland’s insurance business.

The bank would not confirm whether this was the case or reveal how many bids it has received so far, but analysts have put a price tag of between £5bn and £7bn on the assets.

RBS’ insurance business includes the Direct Line and Churchill brands, and the bank revealed it was putting this division up for sale in April at the same time as it unveiled its rights issue.

Zurich Financial Services, American Insurance Group, Italian insurer Assicurazioni Generali and Chinese firm Ping An Insurance are all tipped to be potential bidders.

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