Bloomberg News

RBS to Rebrand Insurance Unit Direct Line Group Before Sale

February 14, 2012

(Adds background in third paragraph.)

Feb. 14 (Bloomberg) -- Royal Bank of Scotland Group Plc will rebrand its insurance business as Direct Line Group before a planned sale of the unit.

The holding company will be renamed Direct Line Insurance Group Plc, the Edinburgh-based lender said in an e-mailed statement today.

RBS has to sell the division by 2013 to comply with a European Union state aid rules after the lender received a government bailout. The unit may be valued at about 4.7 billion pounds ($7.4 billion), according to Gary Greenwood, an analyst at Shore Capital in Liverpool.

--Editors: Edward Evans, Keith Campbell.

To contact the reporter on this story: Kevin Crowley in London at kcrowley1@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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