Bank sold shares worth £1.1bn

The Royal Bank of Scotland (RBS) has sold its shareholding in Direct Line Group (DLG), raising £1.1bn.

The bank sold 423.2 million shares and now has no stake in the insurer.

RBS Group finance director Nathan Bostock said: “This successful sale completes RBS’s European Commission obligation to divest its interest in Direct Line Group ahead of schedule. We wish Direct Line Group every success in its independent future as an important provider of insurance products to customers in the UK and beyond.”