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.
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