Billionaire Buffet lines up to bid for RBS insurance arm

Royal Bank of Scotland has brought in a team of advisers to help sell its insurance business Direct Line after a flurry of interest from potential buyers - including American billionaire Warren Buffett, it was claimed today.

The European Commission ordered the bank – which is 83% owned by the taxpayer - to sell Direct Line by 2013 to soothe competition concerns following its Government bail-out.