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Royal Bank of Scotland has accelerated its plans to sell its U.S. subsidiary. The company will conduct a partial initial public offering of its Citizens Financial Group unit in the second half of 2014, and plans to fully divest itself through offerings in 2015 and 2016.
November 1 -
There is a lot of work to be done behind the scenes before Citizens can become independent of Royal Bank of Scotland, including the establishment of new technological, administrative and financial reporting systems, CEO Bruce Van Saun says.
March 18 -
Royal Bank of Scotland's U.S. subsidiary is adding staff in lending and wealth management under new CEO Bruce Van Saun as it looks looks to boost its loan portfolio and improve its revenues ahead of its widely anticipated public stock offering.
October 4 -
The Federal Reserve Board denied the capital plans of Citigroup, HSBC, RBS Citizens, Santander and Zions in its second round of stress tests this year.
March 26 -
The current bank M&A market is too hostile for Royal Bank of Scotland to consider completely selling off its U.S. subsidiary, the incoming chief executive of that unit says.
September 9
Royal Bank of Scotland's mission to sell its U.S. banking arm Citizens Financial Group to outside investors just got a major boost.
Even though Citizens Financial Group (CFG) in Providence, R.I.,
Federal regulators recently rejected the $122 billion-asset bank's future capital plan to survive an economic downturn. Because it failed the test, Citizens cannot increase dividends above prior year levels.
But since Citizens Financial does not file quarterly earnings report with the Securities and Exchange Commission and its dividends are paid directly to RBS,
RBS is planning to sell about a quarter of its U.S. business by the end of this year. Overall, it is hoping to exit the business entirely in 2016.
The public offering is expected to raise about $100 million, according to
