RBS director makes sale ahead of Direct Line flotation

20th Sep 2012 15:59

Chris Sullivan, who has been the Chief Executive of Royal Bank of Scotland's Corporate Banking Division for three years, sold 85,805 shares in the lender less than a week after it announced plans to float its Direct Line Insurance Group. The flotation will complete one of the conditions of its £45.5bn bailout from the government in late 2008. Sullivan, who was previously the Chief Executive of Direct Line group, sold the shares at 266.5p per share, pocketing £228,670. The director also exercised at nil-cost 120,928 shares, which he then subsequently sold at 267.52p each. RBS, which is 82% owned by the government, agreed with the European Commission to undertake a series of measures following its state aid, including the disposal of its interest in Direct Line. To comply with this, RBS must cede control of the unit by the end of next year and must have offloaded its entire interest by the end of 2014. RBS shares have risen 13% in the past month, equal to nearly 31p. Top Director SellsHill & Smith Holdings (HILS) Director name: Mr Derek W MuirAmount sold: 78,114 @ 375.00p Value: £292,928