First tranche could be sold off in October
Royal Bank of Scotland is set to confirm its intention to list Direct Line Group (DLG) on the London Stock Exchange as early as tomorrow, says Reuters.
The flotation will value the business at around £3bn, according to analysts.
The sale, which was ordered by European regulators, is being led by Goldman Sachs, Morgan Stanley and UBS.
RBS is likely to implement a three-tranche sale of Direct Line - one this year, one next year and a final sale in 2014.
The first flotation could take place in October depending on market conditions, said a source.
RBS Group and DLG declined to comment.
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