"God Unit" Warren Buffett (Warren Buffett) to join the sudden, Royal Bank of Scotland (Royal Bank Of Scotland Group Plc, RBS) more popular.
U.S. time on May 4, Buffett to attend its control of Berkshire Hathaway (Berkshire Hathaway Inc.) Annual general meeting of shareholders, announced that he would consider investing Royal Bank of Scotland's insurance business.
Buffett became the latest of a Royal Bank of Scotland business potential bidders. Earlier, the British "Independent" (The Independent) quoted a source close to the line of people said at least 15 companies have said that the Royal Bank of Scotland interest in the insurance business, of which there are a number of Asian buyers, such as the Bank of China (Love Unit , Quotes, information) (601988. SH, 3988.HK).
So Buffett goods
Buffett's choice this time, when Royal Bank of Scotland urgent need to increase core capital.
Last October, Royal Bank of Scotland to a consortium led by 71 billion euros to beat the price of Barclays Bank, the successful acquisition of ABN AMRO Bank (ABN) of the investment banking business, which mainly paid in cash cost.
Facts have proved that this is not a cost-effective trading. Since the acquisition Dutch bank spent large amounts of funds, Royal Bank of Scotland ensuing credit crunch crisis. As at the end of 2007, the bank's core capital adequacy ratio level has dropped to 4.5 percent, close to 4 per cent of the British banking statutory bottom line.
April 22, Royal Bank of Scotland announced a total 12 billion pounds (about 24 billion U.S. dollars) plan, the funds raised will be used to increase the share capital, core capital adequacy ratio, the bank also announced a 5.9 billion pounds of losses Write-down, one third of which stems from the acquisition of the Dutch bank's capital.
Royal Bank of Scotland chief executive Sir Fred Goodwin (Fred Goodwin) 22 said on the bank also plans to sell the entire business, or sell some of these shares, but does not intend to be split into several independent Brand business.
"We do not make this decision lightly. All along, the (insurance) to us, is a member of the family, but now, this business more than we should have the right owner." Fred ancient Sir Edwin said.
At present, Royal Bank of Scotland's insurance business has two major brand direct online (Direct Line) and the Churchill Insurance Group (Churchill Insurance), and some other non-core business assets, Royal Bank of Scotland has become Britain's second-largest general insurer and the largest Car insurance companies. Analysts estimated the part of the business value of 5-8 billion pounds.
As of May 6, American International Group has been (AIG), Allianz of Germany (Allianz), AXA of France (Axa), Italy Zhong Lee (Generali), Zurich Financial Services Group (Zurich Financial Services AG), and other insurance giants this A transaction that intention, the United States well-known private equity capital in Texas Pacific (love stocks, market, information) Group (Texas Pacific Group, TPG) also expressed interested in buying the entire business, while Buffett's accession to the list of buyers make more gorgeous.
Buffett said he will not bid for any price. However, the Royal Bank of Scotland, some people do not want to "Chenhuodajie."
"Royal Bank of Scotland declined to be extortion." British "Independent" Royal Bank of Scotland quoted sources as saying. The newspaper reported that the refusal to be lower than 6 billion pounds of Price, the general scope of potential buyers bidding in the 6.5 to 7.5 billion pounds between.
Bank of China to fight »
But some analysts warned that the Royal Bank of Scotland hope that the insurance business may be sold at high prices will scare off some potential buyers.
"This is indeed a great opportunity, the assets of Royal Bank of Scotland will attract considerable attention." U.S. investment bank Keefe, Bruyette & Woods (KBW) in the latest in a briefing said, "but can not change the fact that the United Kingdom Retail automotive industry because of policy restrictions have been no growth, in addition Royal Bank of Scotland insurance sector is already the biggest business insurers, and that the retail automotive industry has become Europe's largest bulk commercialization (pejorative, is used to refer to those who manufacture Profit margins are low and no pricing power products) one of the fields. "
For the industry widely rumored that the Royal Bank of Scotland Asian buyers, the British media will be focused for the Bank of China (601988. SH; 03988.HK), but the Bank of China spokesman denied the rumors.
British Sunday Telegraph newspaper (Sunday Telegraph) reported that the Bank of China to open up overseas insurance market, intends to purchase parts or even all of Royal Bank of Scotland in the British insurance business.
U.S. time on May 4, Buffett to attend its control of Berkshire Hathaway (Berkshire Hathaway Inc.) Annual general meeting of shareholders, announced that he would consider investing Royal Bank of Scotland's insurance business.
Buffett became the latest of a Royal Bank of Scotland business potential bidders. Earlier, the British "Independent" (The Independent) quoted a source close to the line of people said at least 15 companies have said that the Royal Bank of Scotland interest in the insurance business, of which there are a number of Asian buyers, such as the Bank of China (Love Unit , Quotes, information) (601988. SH, 3988.HK).
So Buffett goods
Buffett's choice this time, when Royal Bank of Scotland urgent need to increase core capital.
Last October, Royal Bank of Scotland to a consortium led by 71 billion euros to beat the price of Barclays Bank, the successful acquisition of ABN AMRO Bank (ABN) of the investment banking business, which mainly paid in cash cost.
Facts have proved that this is not a cost-effective trading. Since the acquisition Dutch bank spent large amounts of funds, Royal Bank of Scotland ensuing credit crunch crisis. As at the end of 2007, the bank's core capital adequacy ratio level has dropped to 4.5 percent, close to 4 per cent of the British banking statutory bottom line.
April 22, Royal Bank of Scotland announced a total 12 billion pounds (about 24 billion U.S. dollars) plan, the funds raised will be used to increase the share capital, core capital adequacy ratio, the bank also announced a 5.9 billion pounds of losses Write-down, one third of which stems from the acquisition of the Dutch bank's capital.
Royal Bank of Scotland chief executive Sir Fred Goodwin (Fred Goodwin) 22 said on the bank also plans to sell the entire business, or sell some of these shares, but does not intend to be split into several independent Brand business.
"We do not make this decision lightly. All along, the (insurance) to us, is a member of the family, but now, this business more than we should have the right owner." Fred ancient Sir Edwin said.
At present, Royal Bank of Scotland's insurance business has two major brand direct online (Direct Line) and the Churchill Insurance Group (Churchill Insurance), and some other non-core business assets, Royal Bank of Scotland has become Britain's second-largest general insurer and the largest Car insurance companies. Analysts estimated the part of the business value of 5-8 billion pounds.
As of May 6, American International Group has been (AIG), Allianz of Germany (Allianz), AXA of France (Axa), Italy Zhong Lee (Generali), Zurich Financial Services Group (Zurich Financial Services AG), and other insurance giants this A transaction that intention, the United States well-known private equity capital in Texas Pacific (love stocks, market, information) Group (Texas Pacific Group, TPG) also expressed interested in buying the entire business, while Buffett's accession to the list of buyers make more gorgeous.
Buffett said he will not bid for any price. However, the Royal Bank of Scotland, some people do not want to "Chenhuodajie."
"Royal Bank of Scotland declined to be extortion." British "Independent" Royal Bank of Scotland quoted sources as saying. The newspaper reported that the refusal to be lower than 6 billion pounds of Price, the general scope of potential buyers bidding in the 6.5 to 7.5 billion pounds between.
Bank of China to fight »
But some analysts warned that the Royal Bank of Scotland hope that the insurance business may be sold at high prices will scare off some potential buyers.
"This is indeed a great opportunity, the assets of Royal Bank of Scotland will attract considerable attention." U.S. investment bank Keefe, Bruyette & Woods (KBW) in the latest in a briefing said, "but can not change the fact that the United Kingdom Retail automotive industry because of policy restrictions have been no growth, in addition Royal Bank of Scotland insurance sector is already the biggest business insurers, and that the retail automotive industry has become Europe's largest bulk commercialization (pejorative, is used to refer to those who manufacture Profit margins are low and no pricing power products) one of the fields. "
For the industry widely rumored that the Royal Bank of Scotland Asian buyers, the British media will be focused for the Bank of China (601988. SH; 03988.HK), but the Bank of China spokesman denied the rumors.
British Sunday Telegraph newspaper (Sunday Telegraph) reported that the Bank of China to open up overseas insurance market, intends to purchase parts or even all of Royal Bank of Scotland in the British insurance business.
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