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...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.