4th Nov 2013 09:27
LONDON (Alliance News) - Asian investors are interested in buying the remaining 28.5% stake in Direct Line Insurance Group PLC that is owned by Royal Bank of Scotland Group PLC, the Independent on Sunday reported.
Advisors working on behalf of some of the region's largest insurers and institutions say they are keen to buy into the insurer given its success since listing on the London Stock Exchange last year, the Independent said.
RBS was forced to sell its holding in the company, which also owns Churchill insurance, when it accepted state funding during the financial crisis, the Independent said, adding RBS needs to sell the remaining stake by the end of next year.
The Independent said the interested Asian parties include China's Ping An. It said RBS declined to comment on the report.
In early trading Monday, Direct Line shares were quoted at 230.82 pence per share, up 1.82p. RBS shares stood at 334.04p, down 5.96p.
http://www.independent.co.uk/news/business/news/direct-line-in-the-sights-for-asian-investors-8919193.html
By Tom Waite; [email protected]; @thomaslwaite
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