RBS to launch Direct Line IPO

Royal Bank of Scotland is to launch an initial public offering (IPO) of its Direct Line Insurance Group, completing one of the conditions of its 45.5bn-pound bailout from the government in late 2008.

Royal Bank of Scotland is to launch an initial public offering (IPO) of its Direct Line Insurance Group, completing one of the conditions of its 45.5bn-pound bailout from the government in late 2008.

"We are pleased to confirm today our intention to commence an IPO of Direct Line Group. Direct Line was launched more than 25 years ago as a pioneer of direct motor insurance and it has grown to become the market leader in UK personal lines insurance," said RBS's Finance Director Bruce Van Saun.

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