RBS sells Direct Lane stake for £507m

The Royal Bank of Scotland Group (RBS) has announced that it has sold a 17 per cent stake in Direct Line Group (DLG) for £507m at 201p per share, a four per cent reduction on yesterday's close price, but a 20 per cent increase on October's float value.

RBS is required to sell at least half of DLG by the end of the year, and this sale takes its remaining holding down to 48.5 per cent.