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The third quarter showed the kind of solid results Citizens Financial hopes to achieve as a public company split off from Royal Bank of Scotland, but much work remains for Chief Executive Bruce Van Saun. He spoke with American Banker about what went right this quarter and how he's working to change the company's culture.
October 23 -
Royal Bank of Scotland Group Plc will write down the value of its U.S. unit, Citizens Financial Group, by about 4 billion pounds ($6.2 billion) next week, a person familiar with the matter said.
February 23 -
The Providence, R.I., company is set to be spun off from its foreign parent, and executives are embracing the opportunity to simplify their products, expand lending and overhaul their customer experience.
August 15
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.
