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Reports say Allstate make bid for Royal Bank of Scotland home insurance
Allstate, the American insurance group, was reported to have made a bid for Royal Bank of Scotland home insurance at the weekend.
However, the offer may not reach the bank's valuation of £7 billion, according to the Herald.
Other potential buyers like Allianz of Germany and Travelers of the USA are thought to be reconsidering a bid, while Zurich has pulled out completely.
Royal Bank of Scotland home insurance also owns Direct Line home insurance and employs 1,100 staff in Glasgow.
The Herald said that RBS were set to report the biggest loss in UK banking history this week.
Its half-year deficit has been forecast to be at least £1 billion, which is three times higher than Barclays' 16 years ago - the current record.
The bank is not the only one to be having a bad time recently, with both HBOS and Lloyds TSB recording bad debts up by over 30 per cent and Alliance & Leicester seeing its profit just about wiped out.
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