The Royal Bank of Scotland (RBS) has raised £787 million ($1.2 billion) from the initial public offering of its insurance unit Direct Line, according to reports.

The sale was forced by the European Union after the bank received a UK government bailout during the financial crisis.

RBS sold a 30% stake in the business at 175p (275 cents) a share on the London Stock Exchange, before a full sale by the end of 2014.

Last month the bank said it would cut almost 900 jobs from a staff of 15,000 to reduce costs.

RBS is 81% government-owned after the £45.5 billion ($75.5 billion) bailout.