TPG mulls bid for RBS arm

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The unit is expected to fetch up to £8 billion.

TPG is yet to make a formal offer, but it is said to be running the rule over the business which was put on the block last week as an adjunct to RBS's £12 billion rights issue, designed to shore-up its balance sheet.

The group is believed to be deciding whether to bid for the whole business or just Churchill and Direct Line.

When RBS announced its plans, it said it would look at the "whole or partial disposal" of RBS Insurance and other smaller, non-core banking businesses.

The RBS insurance arm underwrites more than 30% of the UK's retail motor insurance as well as policies which are sold by Tesco and Nationwide.

TPG is likely to face strong challenges for the insurance business from trade buyers, but its interest is significant in that it allays fears that privateequity groups are unable to finance new transactions.

A Bank of China official today denied market speculation that the bank was considering buying the RBS insurance arm.