September 20, 2013 / 7:17 AM / in 4 years

RBS raises 630 mln stg through Direct Line share sale

LONDON, Sept 20 (Reuters) - State-backed Royal Bank of Scotland said on Friday it had raised 630 million pounds ($1 billion) through the sale of 300 million shares in motor insurer Direct Line at 210 pence a share.

RBS was ordered by ordered by European regulators to sell all of Direct Line - Britain’s biggest motor insurer and one of the biggest home and general insurers - before the end of 2014, as a penalty for its 2008 taxpayer bailout.

“This successful sale keeps RBS fully on track to meet its obligation to divest its stake in Direct Line by end-2014,” said RBS’s Finance Director Bruce Van Saun.

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