RBS approached by private equity firm over Direct Line sale

The acquisition vehicle, Tungsten, is headed up by brothers Edi and Danny Truell.

The firm was set up to take advantage of what Edi Truell has described as a “once in a lifetime opportunity” in financial services as banks are forced to divest certain assets such as their insurance operations.

However, no formal bid has been received for Direct Line, which most commentators believe will be floated on the market.