Royal Bank of Scotland Insurance appoints advisers ahead of stock market listing
Royal Bank of Scotland has appointed Goldman Sachs and Morgan Stanley as advisers for the sale of its insurance arm.
Corporate financers will explore the possiblity of hiving off broker-only insurer NIG before the sale.
The two investment banks are understood to have won a 'beauty parade' of advisers to win the contract.
They will be expected to oversee the flotation or sale of the Churchill, Direct Line and Green Flag operation. A flotation is the bank's preferred option.
RBS must sell-off the unit by 2013 to obey anti-competition demands from EU regulators.
Royal Bank of Scotland declined to comment.