The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are acting as joint global coordinators and J.P. Morgan Securities LLC is acting as joint bookrunner for the offering.
In its last quarterly report, Royal Bank of Scotland Group Plc (LON:RBS) said of the planned disposal:
“Citizens Financial Group, Inc. (‘Citizens’) will be disposed of by 31 December 2016, with an automatic 12 month extension if market metrics indicate that an IPO or subsequent tranches of disposal cannot be completed in an orderly fashion or at a fair value. On 1 November 2013, RBS announced that it would accelerate the divestment of Citizens with a partial IPO and that it planned to fully divest the business by the end of 2016. The obligation under the State Aid Amendment Decision to dispose of Citizens is therefore in line with RBS’s planned and publicly stated divestment timetable and already reflected in its capital and strategic planning.”
Citizens Financial Group is the 13th largest retail bank holding company in the United States, with $122.2 billion in assets as of December 31, 2013. The group is headquartered in Providence, Rhode Island, and has approximately 18,600 employees managing 1,370 branches. Citizens Financial Group has two bank subsidiaries; Citizens Bank, N.A., and Citizens Bank of Pennsylvania.
