SHARES in Royal Bank of Scotland's insurance business Direct Line soared to a 7.4% premium on their listing price on their stock market debut, leaving the part-nationalised institution well placed to sell the rest of the business.
SHARES in Royal Bank of Scotland's insurance business Direct Line soared to a 7.4% premium on their listing price on their stock market debut, leaving the part-nationalised institution well placed to sell the rest of the business.
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TIM SHARP CITY EDITOR
Strong demand from private investors enabled Edinburgh-based RBS to sell 30% of Direct Line's shares at 175p each, in a move that raised £787 million for the bank and valued the business at £2.6 billion. The shares changed hands for as much as 189.25p yesterday before closing at 188p.
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