Royal Bank of Scotland said on Friday it would proceed with the initial public offering of its Direct Line insurance business, despite fears the move could raise less than the UK bank hoped.

The listing, which will likely be one of the largest on the London Stock Exchange for more than a year, will probably take place in the next few weeks, Direct Line Chief Executive Paul Geddes told reporters. The bank confirmed that it would float at least 25% of the business in the first tranche of the offering, with a chunk of that being offered to the public.