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February 26, 2014 AT 9:49 AM
The Royal Bank of Scotland said it intends to sell almost all of its remaining stake in Direct Line Insurance Group through a placement to institutional investors. The bank said it would offer 423.2 million shares, representing 28.2 percent of Britain's largest car insurer, and retain only 4.2 million shares to satisfy long-term incentive plan awards granted to Direct Line executives. RBS was ordered by European regulators to sell all of Direct Line by the end of 2014 as a penalty for its bailout in 2008 that left it 81 percent-owned by the British government.