The Royal Bank of Scotland Group has completed its divestment of Citizens Financial of Providence, R.I.
The British company raised $2.6 billion in a public offering for the last 20.9% of Citizens common stock, or 110 million shares at $23.38 per share.
RBS was ordered by European regulators to sell the $135.4 billion-asset Citizens as a condition of receiving a public bailout during the financial crisis. It sold the first batch of stock during Citizens' initial public offering last September, and has reduced its stake through further sales since.
RBS Chief Executive Ross McEwan said in a press release Friday that the sale of Citizens would help RBS simplify its operations, refocus on its home markets and improve its capital ratio.
The U.K. bank plans to use the proceeds from the sale for general business purposes, it said in the release, and expects a pretax gain of about $153.1 million in the fourth quarter. It also expects its designee to the Citizens board to resign.
Citizens did not sell any shares or receive proceeds from the offering. Goldman Sachs, Bank of America Merrill Lynch, Citigroup and J.P. Morgan were the underwriters.