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RBS to sell off another 15 percent of Britain-based insurer Direct Line

Reuters
March 14, 2013, 12:08 am TWN

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LONDON -- Royal Bank of Scotland plans to further reduce its stake in Direct Line, taking advantage of a more than 20 percent rise in the UK insurer's share price since it was floated last year.

The state-backed bank, which sold 34.72 percent of Direct Line at its stock market debut in October, said on Tuesday it would sell a further 15.3 percent or more of the insurer via a placing with institutional investors.

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