Reports in the weekend newspapers have re-ignited rumours that Swiss banking giant Credit Suisse is to sell its UK insurer, Churchill Insurance, in a bid to raise £1.5bn.
As reported by Insurance Times on 27 February, weekend ...
Reports in the weekend newspapers have re-ignited rumours that Swiss banking giant Credit Suisse is to sell its UK insurer, Churchill Insurance, in a bid to raise £1.5bn.
As reported by Insurance Times on 27 February, weekend newspapers have suggested that the Swiss financial giant needs to bolster its balance sheet, after a year in which it reported a loss of SF3.3bn (£1.5bn).
Churchill has more than 8,000 employees and insures 7 million cars. Potential buyers could include Royal Bank of Scotland, which owns Direct Line, and Lloyds TSB.
Credit Suisse has been hit by problems stemming from the decline in global stock markets.
In October it was forced to pump £860m into Winterthur, the insurance arm of which Churchill is a part. It is also currently undergoing a restructuring exercise with the loss of 350 jobs.
