One of Southend's biggest employers, Royal Bank of Scotland, has bought Churchill Insurance for £1.1billion.
RBS, which already owns insurance firm Direct Line and NatWest bank, said the deal with Churchill's current owner Credit Suisse would make it the third largest general insurer in Britain.
A massive three-storey building, being built near the Tesco store in Prince Avenue, Southend, will replace the bank's existing four offices in the borough and safeguard 2,000 jobs.
Fred Goodwin, chief executive of Royal Bank of Scotland, said: "Churchill is an excellent acquisition for us, it will fit well alongside Direct Line, and will bring several advantages to the group."
Published Wednesday, June 11, 2003
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