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March 14, 2013updated 13 Apr 2017 8:40am

RBS completes partial sale of Direct Line Group ordinary shares

The Royal Bank of Scotland Group plc (RBS) has completed the sale of 252.3m ordinary shares in Direct Line Insurance Group plc (Direct Line Group) at a price of GBP2.01 pence per share, raising gross proceeds of GBP507m, assuming the over-allotment is exercised in full.

By Verdict Staff

According to Direct Line Group, RBS will now hold 726.9m of its ordinary shares representing 48.5% of the issued ordinary share capital. If the over-allotment option is not exercised, RBS’s remaining stake will comprise 749.9m shares, equivalent to 49.99% of its issued ordinary share capital.

Commenting on the sale, RBS Group finance director, Bruce Van Saun, said: "This sale is part of our ongoing delivery against EU commitments and will take our ownership below the 50% level. We continue to execute well against the key milestones in our recovery plan".

Founded in 1985, Direct Line Insurance Group provides various general insurance products in the UK, Italy, and Germany.

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