RBS is making a presentation to equity analysts next month, which has industry pundits speculating
RBS moved one step closer to deciding the fate of its insurance arm with the appointment of a general counsel to create standalone legal and secretariat functions for the subsidiary.
The bank has the choice between a trade sale or flotation to get rid of a majority stake in RBSI by 2013.
However, analysts believe the smart money is on a flotation, particularly now that the firm has announced a presentation to equity analysts on 7 October. They see this as a strong hint of RBS’s intentions.
Biba bags Homer
News that Andy Homer will become chairman of Biba from January will garner a mixed response from brokers. It will be interesting to see what Homer does in the role. On the one hand, he has the all-star experience needed. Most recently group chief executive of Towergate Insurance, Homer has also been chief executive of AXA UK and president of the Chartered Insurance Institute.
However, some independent brokers may raise an eyebrow at the prospect of a major stakeholder in a consolidator taking the chairmanship of the UK’s largest (and soon to be only) general broker trade body.
Giles steps it up
Giles has further confirmed its plans for growth with the appointment of Andy Tedstone as group development director.
Tedstone was brought on board to review Giles’s customer service programme and efficiency drive, support its senior management with acquisitions, and help the broker increase organic growth.
With a recent £5.1m deal to buy CBG under its belt, the consolidator is not letting the grass grow under its feet.
And with a flotation on the cards, bulking up through acquisitions and organic growth can only help Giles’s cause.
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