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RBS To Sell Its Stake In Motor Insurer Direct Line

The Royal Bank of Scotland said it intends to sell almost all of its remaining stake in Direct Line Insurance Group through a placement to institutional investors. The bank said it... More The Royal Bank of Scotland said it intends to sell almost all of its remaining stake in Direct Line Insurance Group through a placement to institutional investors. The bank said it would offer 423.2 million shares, representing 28.2 percent of Britain's largest car insurer, and retain only 4.2 million shares to satisfy long-term incentive plan awards granted to Direct Line executives. RBS was ordered by European regulators to sell all of Direct Line by the end of 2014 as a penalty for its bailout in 2008 that left it 81 percent-owned by the British government. Less

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