RBS confirms spin-off of Churchill and Direct Line
Taxpayer-backed Royal Bank of Scotland today said "oh yes" to plans to spin off its Churchill and Direct Line insurance arm in a highly-anticipated stock market flotation.
Taxpayer-backed Royal Bank of Scotland today said \"oh yes\" to plans to spin off its Churchill and Direct Line insurance arm in a highly-anticipated stock market flotation.
The 80% state-owned lender must sell its interest in Direct Line Group, which also includes the Green Flag and Privilege brands, under a European-imposed condition of its £45 billion bailout received in 2009.
Around 25% or more of Direct Line Group, whose Churchill brand is represented by the popular nodding dog, will be offered in the initial share sale with additional tranches to follow.
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