UK - Generali drops out of race of RBS insurance arm

Italian insurer Generali has become the latest potential bidder to announce that it will not participate in the £7bn race for Royal Bank of Scotland's insurance assets, following earlier reports that Warren Buffet has also dropped out of the auction. The weakening competitive tension could make RBS more amenable to the advances of private equity houses, who had previously been excluded from bidding. Indicative proposals are due to be submitted today.