RBS May Auction Off Direct Line and Churchill
Published April 19th, 2008
The Royal Bank of Scotland is considering selling off its Direct Line insurance business in an effort to sweeten investors furious about a planned share capital-raising of as much as £13 billion to help it develop newly acquired ABN Amro
The auctioning of Direct Line and Churchill, its sister company, could raise £5 billion for RBS, reducing the amount of fresh equity the bank would need to ask for from shareholder’s.
Direct Line and Churchill, made £683 million in operating profit last year
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