Fri, 14 Sep 2012 | BUSINESS SALE
RBS has confirmed that it is to sell off its Direct Line Insurance business, turning it into a separate company.
The company is the biggest of its kind in the UK and could be worth in the region of £3 billion. However, about 25 per cent of more of the group will be offered in an initial share sale, with more to follow later.
RBS was ordered to sell Direct Line by European Union regulators as part of the conditions of it receiving £45 billion in state aid following the 2008 financial crisis. It was given until 2013 to divest itself of the business under the rules laid out by the EU and it must have no interest in the business by 2014.
Bruce van Saun, finance director at RBS, commented: “We believe it has a strong future as a standalone insurance group continuing to serve its customers well, while delivering attractive returns to investors.”
Direct Line's most recent pre-tax profits fell from £187.5 million to £106.5 million, reflecting a number of restructuring and other one-off costs relating to the separation from RBS Group, according to the company.
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