RBS confirms Direct Line IPO despite Talanx withdrawal
The Royal Bank of Scotland has confirmed the IPO of its Direct Line unit, in a flotation expected to value the UK personal lines insurer at around £3bn.
The bank is obliged sell off its insurance operation before the end of 2014 by European Union regulators, after it received UK taxpayer aid worth £45.5bn during a 2008 bailout.
RBS intends to first float 25 percent of the business this autumn, although the timing was not made explicit in today's announcement...
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