Royal Bank of Scotland Group Plc (RBS.L,RBS: Quote) announced its intention to launch an IPO of Direct Line Insurance Group Plc in an all-secondary offering of Direct Line Group shares to be sold by RBS.
Bruce Van Saun, Group finance director of RBS, commented, "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. We believe it has a strong future as a standalone insurance group continuing to serve its customers well while delivering attractive returns to investors."
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by RTT Staff Writer
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