Spanish bank Bankinter SA (BKT.MC) said Thursday it will buy Royal Bank of Scotland Group PLC's (RBS) 50% stake in the banks' insurance joint venture, Linea Directa, for EUR426 million.

In a Spanish regulatory filing, Bankinter said the price was set by PriceWaterhouseCoopers LLP consultancy.

Linea Directa sells car and motorcycle insurance and had a 2008 pretax profit of EUR100 million.

Hard hit by the global financial crisis, RBS has been exploring various ways to raise new capital.

-By Jonathan House, Dow Jones Newswires; +34 91 395 8121; jonathan.house@dowjones.com