RBS say 'oh yes' to Churchill sale

Taxpayer-backed Royal Bank of Scotland today said “oh yes” to plans to spin off its Churchill and Direct Line insurance arm in a highly-anticipated stock market flotation.

The 80% state-owned lender must sell its interest in Direct Line Group, which also includes the Green Flag and Privilege brands, under a European-imposed condition of its £45bn (€56.2bn) bailout received in 2009.