Royal Bank of Scotland launches a float for insurance unit Direct Line

RBS raised at least 787 million pounds (US$1.26 billion) from the sale of around a third of Direct Line in an initial public offering, the bank said in a statement.

The offer price was set at 175 pence, valuing the entire group at 2.63 billion pounds.

Direct Line shares were trading above the launch price, at 181 pence, in limited exchanges on Thursday ahead of the start of full trading of the stock next week.

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