RBS announces plans to accelerate partial IPO for RBS Citizens Financial Group and fully divest Citizens by 2016
PROVIDENCE, R.I. (November 1, 2013) – RBS today announced its intention to accelerate its plans for a partial IPO of RBS Citizens Financial Group, Inc. to the second half of 2014, and to sell down its full position in Citizens with further secondary offerings over 2015 and 2016.
Bruce Van Saun, RBSCFG Chairman and CEO, commented, “We’re excited about moving forward into the next phase of our evolution as a company. We have a clear plan that will facilitate our becoming an independent, standalone bank within three years. We have benefited from our long association with RBS, and will continue to maintain a strong business relationship with RBS throughout this period and beyond.”
About RBS Citizens Financial Group, Inc
RBS Citizens Financial Group, Inc. is a $118 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has approximately 1,400 branches, nearly 3,600 ATMs and nearly 19,000 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has non-branch retail and commercial offices in more than 30 states. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG’s website is citizensbank.com.