Numerous city PR agencies are vying for a possible multi billion pound float, after Royal Bank of Scotland issued a brief regarding an IPO of its insurance arm Direct Line.
The majority state-owned banking group is being forced by the European Commission to sell off its Direct Line Group as a result of its £45bn taxpayer bailout.
RBS have since put a call out to London's financial PR firms to support in this process.
With the bank’s preferred option being to float the business on the stock market, an IPO of the Direct Line Group would be one of London’s largest listings in decades, likely to fetch around £4bn.
A float or sale of such magnitude will be subject to intense media scrutiny, particularly given the Government-states status of RBS.
Direct Line is looking for a PR Agency with specific experience of the capital and equity markets and is unlikely to rule out agencies with existing banking and insurance clients.
Rob Bailhache, who is handling the process, confirmed that agencies have been contacted, stating:
“As Direct Line Group approaches separation from RBS Group, it's important for us to ensure we have the best financial comms agency. We've begun a tender process to search for a financial PR agency with strong knowledge of the capital markets to support us in communicating our transformation and strategy to the investment community through media.'