On 5 June 2018 the government reduced its ownership through UK Government Investments to 62.4% at a loss of £2 billion. In June 2008 RBS sold the subsidiary Angel Trains for £3.6bn as part of an assets sale to raise cash. In March 2009, RBS announced the closure of its tax avoidance department, which had helped it avoid £500m of tax by channelling billions of pounds through securitised assets in tax havens such as the Cayman Islands. The closure was partly due to a lack of funds to continue the measures, and partly due to the 84% government stake in the bank. On 29 March 2010, GE Capital acquired Royal Bank of Scotland's factoring business in Germany. GE Capital signed an agreement with the Royal Bank of Scotland plc (RBS) to acquire 100% of RBS Factoring GmbH, RBS's factoring and invoice financing business in Germany, for an undisclosed amount. The transaction is subject to a number of conditions, including regulatory approval. Due to pressure from the UK government to shut down risky operations and prepare for tougher international regulations, in January 2012 the bank announced it would cut another 4,450 jobs and close its loss-making cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses. The move brought the total number of jobs cut since the bank was bailed out in 2008 to 34,000. During 2012, RBS separated its insurance business from the main group to form the Direct Line Group, made up of several well-known brands including Direct Line and Churchill. RBS sold a 30% holding in the group through an initial public offering in October 2012. Further shares sales in 2013 reduced RBS' holding to 28.5% by September 2013, and RBS sold its remaining shares in February 2014. RBS sold its remaining stake in Citizens Financial Group in October 2015, having progressively reduced its stake through an initial public offering (IPO) started in 2014. As a condition of the British Government purchasing an 81% shareholding in the group, the European Commission ruled that the group sell a portion of its business, as the purchase was categorised as state aid. In August 2010, the group reached an agreement to sell 318 branches to Santander UK, made up of the RBS branches in England and Wales and the NatWest branches in Scotland. Santander withdrew from the sale on 12 October 2012. In September 2013, the group confirmed it had reached an agreement to sell 314 branches to the Corsair consortium, made up of private equity firms and a number of institutional investors, including the Church Commissioners, which controls the property and investment assets of the Church of England.