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RBS gears up to sell Direct Line
ROYAL Bank of Scotland (RBS) yesterday appointed UBS to advise on the sale of Direct Line Group, the insurance division that it is preparing to take public.
Although Direct Line Group would not comment on the appointment of UBS, City A.M. understands the bank have been appointed as joint bookrunners alongside Goldman Sachs and Morgan Stanley.
The demerger was forced on RBS by European regulators as a condition of receiving state aid A spokesman for the insurance division confirmed that the firm still plans to float at the end of this year.