RBS 'will not sell' NIG

Royal Bank of Scotland (RBS) has put up a firm 'not for sale' sign over broker-only insurer NIG after its acquisition of the Churchill Group for £1.1bn.

The bank, which also owns Direct Line, acquired Churchill from Credit Suisse in a deal which had been rumoured, but often denied, over the past four months since the Swiss financial group's insurance arm, Winterthur, admitted it was looking to sell Churchill - complete with its nodding-dog mascot.

The deal creates the UK's third-largest insurer

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