RBS To Net $295 Million Gain From Spanish Sale

LONDON (AP) — Royal Bank of Scotland Group PLC said Thursday that it has sold its half share in a Spanish insurance company to its joint venture partner, Bankinter SA. — a move that is expected to net the ailing bank around $300 million.

RBS said the sale of its stake in Linea Directa Aseguradora (Direct Line Insurance) for euro426 million ($563 million) was expected to yield a net gain of 200 million pounds ($295 million).

When it announced a British record corporate loss of 24.1 billion pounds on Feb. 26, RBS said it aimed to wind down or dispose of 20 percent of its assets within five years. ...